A legal expert, attorney Jeremy Hogan, has shared the big mistake that the SEC made, which he thinks will come back to haunt them in the ongoing XRP lawsuit against Ripple.
It can be recalled that the court ordered the two parties to meet at a conference where they will discuss the renewed attorney-client privilege claims over Hinman’s 2018 documents.
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The court hearing was later held in Courtroom 23B, Daniel P. Moynihan Courthouse, 500 Pearl Street, New York City, on Tuesday, June 7, 2022, at 3:30 pm, after a 30 minutes delay.
The SEC’s Big Mistake According to Attorney Jeremy Hogan
In a new video about the hearing, Hogan noted that the SEC made a big mistake in the course of the hearing because it changed its argument on what Hinman’s speech was, contrary to its previous claims.
Jeremy Hogan said:
“But there was a big mistake made by the SEC in this hearing… Remember last year we talked about a theory of a case and why it’s so important to stick with your theory in litigation. And then we talked about how it was a mistake for the SEC to change its argument on what Hinman’s speech was. If it was going to make the gambit that it was Hinman’s personal opinion, you have to stick with that, and here’s why:
Now we know Judge Netburn has already ruled that, at least for discovery purposes, Hinman’s speech was his personal opinion. So the SEC can now argue it’s not relevant to anything, and that’s fine, but we know that now hurts the SEC in those discovery motions, so there was a trade-off there. But the SEC attorney was trying really hard today in arguing various positions in order to try to win this motion, which was probably not really possible to even win…
The judge asked, ‘Is the SEC taking the position now that the speech reflected the Division of Corporate Finance’s position?’ And the SEC attorney said ‘Yes.’ Now she tried to equivocate a little bit after that, but the first and the direct answer was ‘Yes.’”
The legal expert also noted that the SEC’s attorney stated that the purpose of the speech was to provide market guidance on how the Commission would treat digital assets going forward.
According to Hogan, those two remarks put the Hinman speech back into play as market guidance and puts it back into relevance, which could come back to haunt the SEC.
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