“But obviously the vociferousness of its battle to withhold them suggests there may be something problematic or embarrassing within,” he told Protocol. Marc Fagel, a former SEC regional director in San Francisco who represented clients in the crypto industry when he moved to the private sector, said the regulator took “aggressive approach on protecting the confidentiality of its internal deliberations,” which he argued are “irrelevant to the legal merits of the Ripple case.” The potential impact of the disclosures is unclear on the case, which is expected to drag on until early next year. The documents remain confidential “at the SEC’s existence,” he said, adding, “I can say that it was well worth the fight to get them.” “Over 18 months and 6 court orders later, we finally have the Hinman docs,” Ripple general counsel Stuart Alderoty announced in a tweet.
The SEC rejected that demand and appealed a federal judge’s order for them to comply. Ripple demanded that the SEC also release emails and other documents related to the way the Hinman speech was discussed internally. (He stepped down at the end of 2020 and is now an adviser to a16z.) Hinman was a member of the SEC leadership around the time that the agency filed the lawsuit against Ripple.
His comments sparked a rally in ether’s price and appeared to endorse the broad view of most in the crypto industry that digital assets aren't securities.
Ripple has hit back at this argument by citing former SEC director William Hinman’s 2018 speech in which he said ether is not a security. The case, which has dragged on for more than a year and a half, centers on the SEC’s argument that most cryptocurrencies should be regulated as securities.
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