XRP Lawsuit: SEC Responds To Ripple With Its Reply On Hinman Documents

May 19, 2022 12:04 pm

Previously, Ripple had filed its comments regarding the SEC’s claim that the Hinman documents would be protected by the attorney client privilege.

Ripple had stated that the use of this privilege to shield the documents should not be allowed given that the information within the documents did not represent confidential information that would be exchanged between an attorney and a client.

Additionally, Ripple had also argued that only Hinman himself could invoke this attorney client privileges and not the SEC itself which makes the SEC’s claim completely invalid.

As a result, the SEC just filed a response to the comments.

FXEmpire reports on the details of the filing:

Salient points from the filing introduction included,

Dozens of attorneys across the SEC’s offices and divisions used their legal expertise and knowledge of confidential SEC matters to draft and edit the Speech – something these attorneys could not do in response to a personal, non-work-related request.

Therefore, regardless of whether the final Speech contained “personal views,” as opposed to official agency policy, the attorney-client privilege protects the legal advice Director Hinman obtained from SEC counsel during the development of the Speech.

he filing then went on to argue its case, with a focus on four key areas, these being,

  • Director Hinman communicated with SEC staff to obtain their legal advice.
  • Director Hinman and SEC staff were necessarily acting in their official capacities when they drafted and commented on the speech.
  • Disclosure would reveal SEC confidences.
  • The SEC has standing to assert the attorney-client privilege.

Based on the filing, it seems that the SEC will continue to defend its right to use the attorney client privilege to protect the Hinman documents.

Investors are speculating that this may be one of the final attempts on the SEC’s part to protect the documents.

Now that all comments and responses from both parties are in place, the next steps would be to wait for the court ruling to proceed.

The result of this court ruling would largely affect what the potential timeline might be as it could influence the case to move to an early settlement depending on which side the court decides to rule in favor of.

FXEmpire reports:

At the time of writing, XRP was down 0.77% to $0.4018. A mixed start to the day saw XRP rise to an early morning high of $0.4124 before sliding to a low of $0.3916.

This morning’s pullback follows on from a 7.39% slide on Wednesday.

XRP will need to move through the $0.4166 pivot to target the First Major Resistance Level at $0.4301. XRP would need broader crypto market support to break out from the morning high of $0.4124.

In the event of an extended rally, XRP should test the Second Major Resistance Level at $0.4550. The Third Major Resistance Level sits at $0.4935.

Failure to move through the pivot at $0.4166 would bring the First Major Support Level at $0.3915 into play.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.