The Ripple vs SEC lawsuit is intensifying amid increased regulatory scrutiny of the cryptocurrency market in the United States. The New York State Department of Financial Services has already halted the continuation of Binance-backed BUSD stablecoin, and the Kraken cryptocurrency exchange has stopped offering staking programs after SEC’s intervention.
The SEC’s aggressive approach to crypto regulation has prompted industry leaders, including Coinbase Global Inc CEO Brian Armstrong, to express concerns about the United States losing its status as a financial hub to other nations.
Ripple CEO Brad Garlinghouse has also threatened to exit the US market should the SEC prevail in its case against the company. Garlinghouse and his legal team argue that the SEC has favored Ethereum over XRP, despite both being decentralized technologies.
The Controversial Hinman Speech
A closer look at former SEC Director of Corporation Finance William Hinman’s speech in June 2018, dubbed the “Hinman Speech Documents,” reveals that the SEC has moved to seal some of these documents that were offered in support of its summary judgment motion on December 22, 2022.
However, Forbes senior contributor Roslyn Layton, who has no financial stake in Ripple, filed a motion to oppose the move.
The court documents state, “Dr. Layton is entitled to raise this petition as a member of the press, which has standing to intervene in actions to which it is otherwise not a party in order to petition for access to court proceedings and records.”
Regardless of whether Judge Torres rules in favor of Layton, the public can expect to know the details of the case after the final ruling, which is expected to happen this year.
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- Source: https://coinpedia.org/news/forbes-contributor-opposes-secs-attempt-to-seal-documents-in-ripple-case/
