Ripple, the US-based cross-border payments firm, has recorded another big win in the ongoing XRP lawsuit with the United States Securities and Exchange Commission (SEC) as Judge Analisa Torres ordered the regulator to release the draft of William Hinman’s speech of 2018, which have been the bone of contention between the two parties over the past months.
It can be recalled that the SEC filed an objection to the ruling made by Judge Netburn on Hinman’s documents. In the filed objection, the SEC argued that the magistrate misinterpreted the law by stating that the attorney-client privilege does not protect Hinman’s speech draft.
In a pronouncement a couple of hours ago, Judge Torres said magistrate Netburn’s ruling will stand because it’s not contrary to the law.
Referring to the previous ruling, Judge noted that, “Judge Netburn determined that the DPP does not apply to the Internal Speech Documents because those documents were intended to facilitate the communication of Hinman’s own opinions regarding the application of the securities laws to digital asset offerings and not the opinions of the SEC.”
Although Torres agrees with some of SEC’s claims, she still believes that Judge Netburn’s ruling is in line with the law.
In her pronouncement, she said, “Therefore, the SEC’s objections to Judge Netburn’sfindings with respect to the SEC’s assertions of the DPP are OVERRULED.”
The judge further noted that “The Court finds that the SEC has not carried its ‘heavy burden’ of showing that Judge Netburn’s determination was clearly erroneous… For the foregoing reasons, the Court OVERRULES the SEC’s objections and directs the SEC to comply with the Orders.”