Ripple and SEC request extension to file unmodified cross proposals
The parties to the ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple over XRP have filed a joint letter requesting an extension of one week, through June 13, 2023, to provide unredacted public copies of the cross motions for a summary. and exhibitions accompanying the ruling.
The joint letter includes Hinman’s highly anticipated material, adding to the intrigue surrounding the case as both sides prepare their arguments for a decisive legal showdown.
The statement means that the parties involved in the legal dispute, namely the Securities and Exchange Commission (SEC) and Ripple, have filed a joint letter requesting additional time to file public versions of their cross-order motions.
This extension seeks to allow the inclusion of non-reconfigured exhibits, including Hinman materials. The Hinman material likely relates to relevant information or documents related to a speech given by William Hinman, a former SEC official, that may have implications for the case.
The extension will provide both parties with more time to present their arguments and evidence in an uncompromised manner before the June 13, 2023 deadline.
This is the first application for an extension of the deadline. This action opened the door to additional comments from the Twitter community, many of whom suggest that settlement talks may be in the works.
Prior to this announcement, District Judge Analisa Torres ruled against the U.S. Securities and Exchange Commission (SEC) in its attempt to close documents related to William Hinman’s previous 2018 formal letter on cryptocurrency and securities to Ripple.
The judge stated that the documents, known as “Hinman letter documents”, cannot be sealed because they are considered relevant to the ongoing legal proceedings.
However, Judge Torres allowed redaction of the personal information while ordering the documents to be released to Ripple as part of the discovery process. This ruling follows a previous ruling by Justice of the Peace Sarah Knitbourn in January 2022, emphasizing the need to share these documents with Ripple.
Although it will take some time for Ripple to resolve legal issues, it is worth noting that recent events continue to boost investor confidence with another 2% increase in the price of XRP.
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