Ripple, the US-based cross-border payment firm, has kicked against the attempt of the U.S. Securities and Exchange Commission (SEC), to keep Hinman’s document away from the XRP lawsuit.
In a recent letter to Judge Analisa Torres written on behalf of the SEC, attorney Ladan F. Stewart requests permission to file two briefs in an attempt to object to the recent ruling by Judge Sarah compelling the SEC to release a draft of Hinman’s 2018 speech.
William Hinman is a former director of the regulatory agency. Back in 2018, he delivered a speech stating that Ethereum (ETH), the second-largest crypto by market cap, is not a security.
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Attorney James K. Filan who reported the development wrote, “The SEC has requested permission to file a 30-page opening brief and a 10-page reply brief in support of the SEC’s Objections to Magistrate Judge Netburn’s ruling ordering the SEC to disclose the Hinman speech documents. Ripple objects.”
#XRPCommunity #SECGov v. #Ripple #XRP The SEC has requested permission to file a 30-page opening brief and a 10-page reply brief in support of the SEC's Objections to Magistrate Judge Netburn’s Ruling Ordering the SEC to the disclose the Hinman Speech documents. Ripple objects. pic.twitter.com/We1PtV0t24
— James K. Filan 🇺🇸🇮🇪 106k (beware of imposters) (@FilanLaw) July 21, 2022
As also reported by James K. Filan, Ripple has filed its opposition to the SEC’s request.
“Ripple defendants file their opposition to the SEC’s motion requesting an excess length brief and a reply brief in support of the SEC’s forthcoming objections to Judge Netburn’s Order compelling the SEC to release the Hinman documents.”
#XRPCommunity #SECGov v. #Ripple #XRP Ripple defendants file their opposition to the SEC's motion requesting an excess length brief and a reply brief in support of the SEC’s forthcoming objections to Judge Netburn's Order compelling the SEC to release the Hinman documents. pic.twitter.com/3Xcz8UfnGk
— James K. Filan 🇺🇸🇮🇪 106k (beware of imposters) (@FilanLaw) July 22, 2022
Earlier this year, Federal Judge Sarah Netburn ordered the SEC to make the documents available in court, but the agency challenged the order. The Judge struck down the challenge in April and once again ordered the SEC to release the draft requested by the court.
The SEC then responded with another notable delay tactic. The agency claimed that attorney-client privilege protected the Hinman documents. The reason for holding back the emails was also shut down recently by the Judge.
The SEC Keeps Looking For Ways around the Lawsuit
The SEC has also deployed another tactic by distancing itself from the speech and tagging it Hinman’s personal opinion.
“The SEC has distanced itself from the Speech to avoid discovery and sought to preclude Hinman’s deposition on the grounds that whatever he said in the Speech, it had nothing to do with the SEC’s position.
“The hypocrisy in arguing to the Court, on the one hand, that the Speech is not relevant to the market’s understanding of how or whether the SEC will regulate cryptocurrency, and on the other hand, that Hinman sought and obtained legal advice from SEC counsel in drafting his Speech, suggests that the SEC is adopting its litigation positions to further its desired goal, and not out of a faithful allegiance to the law.”
A couple of days ago, Ripple recorded a big win against the SEC after Judge Sarah Netburn rejected the agency’s attorney-client privilege claims, insisting that the documents must be produced.