Judge Denies SEC’s Motion to Seal Hinman Docs, XRP Rises 7%

• The US Securities and Exchange Commission (SEC) attempted to seal internal documents connected to William Hinman’s speech.
• Judge Analisa Torres denied the motion, ruling that the documents were not protected by the deliberative process privilege.
• Ripple XRP rose 7% following news of Judge Torres’ decision.

SEC Attempts to Seal Documents

The U.S. Securities and Exchange Commission (SEC) attempted to seal records of internal documents connected to William Hinman’s speech in a May 16 court filing. The SEC argued that their disclosure “would be highly prejudicial” to the financial regulator, however, Judge Analisa Torres disagreed with this argument and denied the motion.

Judge’s Decision

Judge Torres ruled that “the Hinman Speech Documents are not protected by the deliberative process privilege because they do not relate to an agency position, decision, or policy.“ She also stated that these documents are judicial documents subject to a strong presumption of public access because they are “relevant to the performance of the judicial function and useful in evaluating issues before it.“

Ripple XRP Rises Following News

Following news of Judge Torres’ decision, Ripple CEO Brad Garlinghouse described it as another win for transparency and XRP grew 7%. This marks another victory for Ripple as they continue their legal battle with the SEC over whether or not XRP is a security token.

OpenAI Calls for AI Regulation

In addition, OpenAI CEO Sam Altman called for AI regulation during a Senate hearing on Wednesday in response to recent developments in artificial intelligence technology such as autonomous vehicles and facial recognition software. He urged lawmakers to develop regulations that would ensure ethical practices while still allowing companies enough freedom to innovate without facing restrictions from outside forces or agencies.

Celsius Withdraws StETH From Lido Finance

Finally, Celsius withdrew over $800M worth of stETH staked on Lido Finance following its upgrade last week. Following this upgrade, Lido is now anticipating large withdrawals as users have requested Ethereum withdrawals from their staked positions with high frequency since then.