XRP Lawsuit: Ripple Requests Extension To Respond To SEC’s Claims About Hinman Documents• May 2, 2022 9:43 pm • Comments
In the latest update regarding the XRP lawsuit, it was revealed that Ripple had submitted a request to have a time extension in order to respond to the SEC’s claims about the Hinman documents.
This was the first time ever that Ripple decided to submit an extension request so many are speculating that Ripple must have had a very important reason to do so.
Specifically, this time request is to address recent assertions made by the SEC regarding it using the attorney-client privilege in order to protect documents related to Hinman’s 2018 speech.
The original date that Ripple was supposed to respond was May 4 and now the request is to push that date to May 13 which is less than two weeks.
Many are optimistic that Ripple might challenge the SEC’s recent assertion in some way which would make this small time extension absolutely worth it.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple Defendants request an extension of time until Friday May 13, 2022 to respond to the SEC’s letter brief setting forth its assertions that the Hinman documents are protected from disclosure by the attorney-client privilege. pic.twitter.com/dMiX7Xjy1O
— James K. Filan 🇺🇸🇮🇪90k+ (beware of imposters) (@FilanLaw) May 2, 2022
According to Ripple, the Plaintiff does not have any issue with the fintech company’s appeal to file a response to the assertion made by the SEC on a later date since “this is [the] Defendant’s first time of asking for an extension.”
SEC Objects Judge Netburn’s Ruling
Recall that Judge Sarah Netburn ruled that the Securities and Exchange Commission should submit the internal documents, which contained a draft speech made by the SEC’s former Director of Finance, Hinman, on June 14, 2018, where he noted that Ethereum is not a security.
The SEC was given a 14-day period to object to the ruling should they not feel comfortable with the court’s decision.
After requesting a four-day time extension, the securities regulators came up with a new reason why the document should not be used as evidence in the lawsuit.
Essentially, the SEC is saying that the reason why they are objecting to Judge Netburn’s ruling is because the documents reflect communications between Hinman and the agency’s attorneys.
However, many within the crypto community believe that this is just a convenient excuse and a last attempt at shielding the Hinman documents which could largely decide the result of the case.
Previous reasons that the SEC had used to hide the documents was that Hinman’s speech only reflected his own personal opinion and was not the opinion of the agency itself.
Each time the court decides not to buy the SEC’s story, the SEC seemingly comes up with another reason.
The attorney-client privilege was a very interesting angle the SEC used. Ripple’s response must be a good one. Anything we’ll-written takes time, I would imagine
— Sheri V. (@SheriV4399) May 2, 2022
Prior to the SEC’s objection, the securities regulators had argued that Hinman’s 2018 speech about Ethereum was only a personal opinion and could not be used as public guidance.
However, with the court not buying the story, the SEC chose to establish a new argument, with the hope that Judge Analisa Torres would reconsider Ripple’s plea to keep Hinman’s documents from being used in the case.
Although Ripple may not like the idea of requesting an extension of time, it is imperative that the blockchain company carefully respond to the SEC’s recent assertion because Hinman’s 2018 comment is seen as a vital instrument that could potentially put an end to the lawsuit.
The good news for XRP holders is that it seems that this might be the last reason that the SEC could use to shield the documents so time is finally running out.
Ripple’s attorneys are most likely getting a strong response to this matter. They are not wasting time.
— Alfred Tawfik (@TawfikAlfred) May 2, 2022
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