XRP Lawsuit: SEC Files Motion To Shield Hinman Speech Documents

May 1, 2022 6:55 pm Comments

In the previous month, the SEC had stated that they would oppose the court ruling by Judge Sarah Netburn which required the SEC to produce the Hinman documents.

As everyone expected, SEC filed their motion on Friday to continue to hide the Hinman speech documents which will likely continue to delay the case.

While Judge Torres amended the proposed schedule of the briefing which effectively fast forwarded the timeline by around a month, it appears that the SEC is still doing everything it can to prevent having to reveal the documents by constantly submitting extension requests.

Given the history of the entire lawsuit, it still stands that the SEC has failed to make a concrete case against Ripple.

Yahoo reports:

On Friday, the SEC filed a letter motion to renew

“its assertion that the attorney-client privilege protects internal documents related to a June 14, 2018 speech (“Speech”) delivered by Bill Hinman, the then Director of the SEC’s Division of Corporation Finance.”

The motion goes on to say,

“The privilege applies because these documents, in whole or in part, reflect communications between Director Hinman and SEC attorneys requesting and providing legal advice about a matter under the SEC’s purview – when an offer or sale of a particular digital asset constitutes an investment contract and thus a securities offering as defined in the federal securities laws – and, correspondingly, what Director Hinman could say about this matter in the Speech.”

The SEC then also attempted to use this same privilege to protect additional comments in the speech drafts which many within the XRP community believe to be information that would dramatically weaken the SEC’s position against Ripple.

So far, this attorney-client privilege has been one of the most used legal procedures that the SEC has used much to Ripple’s disappointment.

With this new motion currently pending, it seems that the case is at a critical point given that Ripple’s legal team believes that the Hinman documents would be decisive for the case.

In fact, it could even alter the entire timeline of the lawsuit if the motion to shield them fails and the SEC decides to settle the case instead.

AMBCrypto concludes:

In the latest attempt on 30 April, the regulatory board attempted to keep the emails related to its former head of Corporation Finance, Hinman, according to a corporate defense lawyer James K. Filan.

The SEC has submitted a letter motion to keep the Hinman emails private from Ripple and the judge, citing the attorney-client privilege.

Lucky this time around?

On 11 April, Judge Netburn denied an SEC motion for the courts to reconsider a ruling relating to the speech following a 13 January decision.

Can the SEC turn things around this time? Or meet another roadblock?

The question now is whether this new SEC motion will be denied or not which will largely determine what direction the lawsuit will take.

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