XRP Lawsuit: SEC Doubles Down On Bid Blocking Ripple From Obtaining Evidence

August 20, 2022 12:41 pm Comments

It looks like the SEC is now doubling down on its bid to block Ripple from obtaining evidence that could help prove that XRP is not considered a security.

Court filing records show that the SEC is offering more support to its objection that aims to block an order that would require the SEC to reveal a draft speech by William Hinman.

Hinman is known as the former Director of Corporate Finance at the SEC and his remarks contain key details that indicate that SEC really classified XRP as.

In the speech that is being focused on, it relates to remarks that Hinman made that stated that Ethereum was not considered a security.

SEC claims that the remarks in these draft speeches cannot be used as evidence in the court.

Meanwhile, Ripple claims that they can be used as evidence and should be in order to move the case forward.

DailyHodl reports:

According to the SEC, the speech drafts Ripple is seeking are documents only meant for internal consumption and are therefore irrelevant to the lawsuit that alleges XRP is an unregistered security.

“The speech drafts have no relevance to the claims or defenses in this case. They are internal non-public documents that Defendants (and other market participants) have never seen.”

The SEC says that even if the speech drafts were relevant to the case, they are protected documents and should thus be withheld from Ripple.

“Even if the speech drafts were relevant, they are protected by the DPP (Deliberative Process Privilege) because they are pre-decisional and deliberative.”

According to the SEC, the speech drafts are considered pre-decisional since they were the opinions of Hinman himself rather than that of the SEC, and because they predate any decision made by the Commission that had to do with Ripple and XRP.

SEC also continued to claim that draft speeches were meant to be used to in order to develop future policy instead of existing policy.

However, many claim that these speeches contain key material that shows the SEC’s position on Ethereum and XRP at the time of writing.

Whether or not the SEC’s increased bid to block Ripple here from obtaining further evidence will actually be successful is still unclear.

Speculators are continuing to wait on what the court’s decision will be  as this could be a key pivotal moment in the lawsuit where Ripple’s defense gets strengthened even more which may allow them to win the case.

CurrencyJournals concludes:

The U.S. Securities and Change Fee (SEC) is doubling down on its bid to dam Ripple Labs from acquiring crucial proof within the lawsuit filed in opposition to the funds agency alleging they bought XRP as an unregistered safety.

In a latest court docket submitting, the SEC says that it’s providing extra assist to its earlier objection that seeks to dam an order compelling the regulatory company to disclose the draft of a speech made by its former Director of Company Finance, William Hinman.

The speech of curiosity relates to remarks that Hinman made in 2018 stating that Ethereum (ETH) was not a safety.

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