XRP Lawsuit: SEC Refuses Revealing Hinman Emails To Ripple

July 22, 2022 10:57 am Comments

According to a recent development in the XRP lawsuit, the SEC was required to produce the Hinman documents to the court which was considered a major tactical win for Ripple.

With that being said, it seems that the SEC is doing everything it can to delay this such as creating an elaborate objection to the court’s orders.

Essentially, the SEC is now asking Judge Netburn for permission to file a 30 page opening brief and a 10 page reply brief that will support the SEC’s objection to the order.

SEC has been filing such objections and using delay tactics for many times now and concealing the Hinman emails has always been a top priority for them.

Speculators believe the reason for this is because the emails likely contain information that will likely support Ripple’s defense that XRP is not considered a security.

U.today reports:

Initially, the SEC attempted to argue that the emails were protected by deliberate process privilege (DPP) to no avail.

In May, Netburn ordered the regulatory watchdog to release drafts of the controversial speech. In early April, the court denied the agency’s motion for reconsideration of the deliberate process privilege (DPP) ruling in another blow to the SEC’s persistent efforts to keep Hinman emails under wraps.

Later, the SEC started claiming that the documents were actually shielded by the attorney-client privilege since they reflected “confidential information.”

As reported by U.Today, this argument was rejected earlier this month. The court determined that providing legal advice wasn’t the predominant purpose of the communications.

The high-stakes legal brawl between the SEC and Ripple is expected to drag into 2023.

Outside of the court, there are also many opponents of Ripple and XRP besides the SEC such as Congressman Brad Sherman who recently criticized that XRP was considered a security.

However, looking into the background of Sherman, it seems that many of his largest donors for his campaigns are large financial institutions that would benefit from controlling the crypto industry.

As a result, it is clear that the result of this XRP lawsuit will not only affect XRP itself, but all all major digital tokens within crypto as it would set a standard on whether or not they are considered securities.

The interests of the big players of the existing financial system are likely looking to control crypto by considering them securities as digital assets themselves are going to be hard to control.

CryptoNews.net reports:

The U.S. Securities and Exchange Commission has asked Magistrate Judge Sarah Netburn for permission to file a 30-page opening brief and a 10-page reply brief in support of the agency’s objections to the court’s orders compelling the disclosure of drafts of the infamous Willian Hinman speech.

The SEC has repeatedly refused to turn over emails related to the 2018 speech, in which the former director said that Ethereum, the second-largest cryptocurrency, by market cap.

Whether or not Judge Netburn will accept this request from the SEC is still to be determined.

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