Home Ethereum Ripple lawsuit: SEC submits this brief on the disclosure of Hinman’s speech

Ripple lawsuit: SEC submits this brief on the disclosure of Hinman’s speech

Ripple lawsuit: SEC submits this brief on the disclosure of Hinman’s speech

The SECOND returns to his tactics after the last decision by Justice Netburn. US regulators have deposit their objections to Magistrate Judge Netburn’s order requiring them to submit material from Hinman’s speech.

The decision came as a devastating shock to them as the speech material has been of significant importance since the case began.

The SEC vs. Ripple the case has been a point of contention since December 2020 with constant arguments a regular theme.

A particular example is the case of the company’s former chief financial officer, William Hinman.

In his infamous 2018 speech, he said that Ether (ETH) – despite its highly publicized initial coin offering in 2014 – had magically transformed from a title to a non-title, according to Fortune.

Back to present

The SEC accused Ripple’s legal team of adopting a “fundamentally inconsistent argument” to force the agency to produce the documents.

In the reply brief, the SEC presented a three-pronged argument in its objections against Judge Netburn.

The first allegation is that the speech is irrelevant to any claim or defense in this case.

In saying that, the SEC said the speech drafts are internal documents that have never been revealed. Further, “they are irrelevant to the SEC’s aiding and abetting and Article 5 claims, and to defendants’ fair notice defense.”

In addition, the SEC stood firm on the belief that deliberative process privilege protects draft speeches even if the documents were relevant.

Speech material is considered “pre-sentence” and “deliberative” because it “reflects the personal opinion of the editor(s)” – SEC staff – “rather than agency policy”.

In their final argument, the SEC asserted that attorney-client privilege protects speech drafts.

The argument is relevant here because the drafts were “drafted for the purpose of obtaining or providing legal advice”.

In a July 12 orderJustice Netburn denied the SEC’s solicitor-client claims.

It looks like the case is headed for a constructive juncture for both sides. With that last answer, we’ll have to wait and see how Judge Netburn reacts to it.


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