The Ripple (XRP) Community Is Anticipating the 7th SEC Motion for Reconsideration of Hinman’s Documents

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Ripple Expands Into France And Sweden With Its ODL Division
Ripple Expands Into France And Sweden With Its ODL Division

The Ripple Community is anticipating the SEC’s Motion for Reconsideration of Judge Torres’ Decision on Hinman’s Documents.

According to XRP holders, the SEC filed a motion for reconsideration before the deadline.

The Ripple community has been waiting with bated breath for the Securities and Exchange Commission to file a motion to reconsider Judge Analisa Torres’ order on Hinman’s documents.

Last month, Judge Torres sided with her colleague, ordering the SEC to turn over Hinman’s 2018 speech drafts. Following the SEC’s fight to keep the documents from being turned over, many people expect the agency to file a motion for reconsideration.

According to former US Attorney James K. Filan, the deadline for the SEC’s motion to reconsider Judge Torres was October 13, 2022.

Read also: Analysts Predict a Significant Drop for Ripple (XRP)

Hinman’s Documents Are Still Being Held by the SEC

Since Ripple officially filed a motion requesting that the SEC return drafts of Hinman’s 2018 controversial speech, the SEC has requested reconsideration for every ruling in favour of the blockchain company.

If the SEC files another motion to reconsider Hinman’s documents, it will be the seventh time the agency asks the Judge to reconsider his order.

Related article: Ripple Expands Into France And Sweden With Its ODL Division

The Views of the Ripple Community

The Ripple community anticipates that the agency will file a motion for reconsideration before the deadline.

The founder of Crypto Law, attorney John Deaton, predicted that the SEC would officially file a motion to reconsider Judge Torres’ order between 7 and 9 p.m.

“I could be wrong,” attorney Deaton predicted, “but I predict we’ll see a motion for reconsideration at 7-9 p.m. tonight.”

According to Deaton, the SEC’s approach in the Rio Tinto lawsuit on Hinman’s document saga will most likely be replicated.

He stated that after Judge Torres denied the SEC’s motion for reconsideration, the agency filed for certification of an interlocutory appeal to the Second Circuit approximately 20 to 26 days later.

Meanwhile, Fred Rispoli, Chief Legal Counsel at Reaper Financial LLC, is confident that Judge Torres will not reconsider her decision, which took her over a month to “review and write.”

“It’s clear <cough> very clear that SEC has no chance of getting J. Torres to reconsider her ruling AND change her own mind on a ruling she took 1.5 months to review and write.”

Rispoli further said that a reconsideration request would badly damage SEC’s legal position.

“Both the SEC and Ripple know this. Filing a reconsideration is next-level desperation (a level above the reconsideration with Judge Netburn) that will only further damage the SEC’s credibility with the Court and cement its poor legal position,” Rispoli said.

He went on to say that the SEC’s best bet is to file an appeal of Judge Torres’ decision.