A US district judge, the Securities and Exchange Commission (SEC), Ripple Bill Hinman, the agency’s former director of corporate finance, in 2018. cryptocurrencies He refused a request to withhold documents related to a speech he had made about him.
The commission had challenged the previous judge’s decision to hand over necessary materials as part of its legal case against Ripple.
Judge Denies SEC’s Request to Conceal Speeches of Former Employee Hinman
The two companies have been engaged in a legal battle since the SEC filed a lawsuit against Ripple in 2020 alleging that the sale of the XRP token constitutes an unregistered securities offering.
Internal documents on Hinman’s speeches remain the focus of the lawsuit, a conversation about exempting certain cryptocurrencies from securities registration.
Ripple continues to solicit emails and memos related to the speech, and Judge Sarah Netburn has repeatedly sided with Ripple, refusing the SEC’s reconsideration requests in February and April.
In July, the SEC appealed again, bringing the matter to District Judge Analisa Torres. Torres rejected the appeal today, urging the SEC to follow orders and turn over the documents.
Previous Judge Sarah Netburn also sided with Ripple on the subject
The SEC tried to avoid handing over internal memorandum about the conversation during the discovery process, using what Netburn described as contradictory arguments.
Initially, the SEC claimed that Hinman’s speech consisted of his personal views on cryptocurrencies rather than institution-wide policy.
He then tried to conceal the documents, claiming that the documents were part of their mandate under the SEC and therefore protected under a law that provided confidentiality to internal negotiations for policy-making or decision-making.
In his previous view on the matter, Netburn said the SEC is trying to move in both directions, stating that the conflicting arguments show that “the SEC’s case is not adopted by the law, but to further its desired goal.”
*Not investment advice.
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