Friday, June 21, 2024
HomeCryptocurrencyRipple Moves To Resist SEC’s Attempt to Keep Hinman Documents Away from...

Ripple Moves To Resist SEC’s Attempt to Keep Hinman Documents Away from XRP Lawsuit

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.

We Are On Twitter: Follow Us

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.”

Read Also: Brad Garlinghouse: Ripple Would Spend Over $100 Million Fighting SEC in Ongoing XRP Lawsuit

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.”

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.

Read Also: Attorney Deaton: Failure to Sue Jed McCaleb for Selling 9 billion XRP Shows SEC’s Claims against Ripple Are Illegitimate

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.

Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

Latest News & Articles