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- Dr. Roslyn Layton, a journalist at Forbes, is seeking to intervene in the prolonged legal dispute between the SEC and Ripple Labs.
- The cryptocurrency community continues to make speculations about the case’s outcome as it approaches its conclusion.
Dr. Roslyn Layton, a journalist in the leading Finance Media company Forbes, is seeking to intervene in the ongoing legal dispute between the U,S watchdog, Securities and Exchange Commission (SEC), and blockchain firm Ripple labs. The latter is pushing for public access to Hinman’s documents which are believed to contain crucial information in regard to the lawsuit.
Notably, the non-profit organization Empower Oversight Whistleblowers & Research (EMPOWR) has expressed its support for Layton’s efforts.
EMPOWR works to improve independent oversight of government and corporate misconduct. Its mission is to help promote transparency and accountability in both government and corporate organizations, with a particular emphasis on combating corruption.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Roslyn Layton has filed a Motion to Intervene to petition the Court for access to the Hinman Speech Documents.https://t.co/uoQaAbW0vF
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) February 15, 2023
Are Hinman’s Documents Important?
Hinman’s documents refer to a speech given by the former SEC Finance Division Director, William Hinman at the Yahoo Finance All Markets Summit in June 2018 where he reportedly said that ETH, the native token to the Ethereum blockchain is not a security.
Also Read: RIPPLE VS SEC: WHEN WILL HINMAN’S DOCUMENTS BE UNSEALED?
As explained, the documents will shed light on the potential conflict of interest within the SEC regarding the regulation of cryptocurrencies.
Jason Foster, Founder and President of EMPOWR said:
The SEC has consistently stonewalled any attempts from public interest transparency organizations, including Empower Oversight, to shine a light on conflicts of interest and ethical questions at the agency. The public deserves answers from the SEC as to what exactly the agency knew about Hinman’s speech and when they knew it.
By supporting the motion, EMPOWR advocates for transparency in the regulatory process as well as ensuring that the public has easy access to relevant information about the prolonged legal dispute.
The SEC was previously denied by the courts to keep Hinman documents a secret, with the U.S. judge calling out the SEC’s hypocrisy for doing so.
As 2022 came to a close, SEC said that its mission outweighs the “public Rights” to access Hinamnas documents that have “no relevance” to the court’s summary judgment decision. It also requested that any references to the Hinman Speech Documents be “redacted” from the papers of the defendants.
XRP’s Trajectory
It is worth noting that SEC is suing Ripple labs for selling unregistered securities, a matter that is yet to be verified. While both parties have equal chances of standing victorious, if the SEC wins, Ripple will be classified as a security, thus a knock-on effect on XRP’s demand and availability.
During hearings, Ripple recorded several minor winnings, at the time, XRP reacted positively making bullish swings. In this line, XRP token price performance is among the most monitored elements considering that the outcome will impact the general crypto market.
XRP’s price has not been as high as those of other altcoins. XRP records a $600 million trading volume, while a handful of investors predict mayhem advising XRP holders to brace for the worst, others look forward to a Green day of $10 for Ripple.
At press time, XRP’s price is held at $0.3757 down by 0.66% in the past 24 hours, and a decline of 3.75% over the past week.
