Big Week for XRP Community as Ripple and SEC Set to Converge Tomorrow Over Hinman Document. The conference is expected to put to rest any issues surrounding the Hinman documents.
Ripple (XRP), which had a tremendous run between December 2017 and January 2018, has been a shadow of itself in recent times.
SEC Lawsuit Affects XRP Value
Recall that XRP soared to as high as $3.4 on January 7, 2018. However, the cryptocurrency is currently trading below $0.5 at the time of writing
The massive decrease of XRP value is as a result of the lawsuit filed against the blockchain company by the Securities and Exchange Commission (SEC) in December 2020.
Ripple-SEC Fight Over Hinman Document
While a number of issues have been raised throughout the course of the lawsuit, the most significant is the speech made on June 18, 2018, by William Hinman, SEC’s former Director of Corporation Finance.
The speech is widely described as an “Ethereum (ETH) free pass” by the Ripple community because Hinman declared the cryptocurrency as a non-security.
Following the lawsuit slammed against Ripple and two of its execs, the blockchain company has tried to get full access to the documents that formulated the speech, as it is believed that it would ultimately dismiss XRP as security and put an end to the lawsuit.
On two occasions, the court has ordered the SEC to surrender the documents to Ripple. However, the SEC has fought relentlessly to keep the documents out of Ripple’s reach, as it continues to state several reasons why Hinman’s documents cannot be handed over to the blockchain company.
SEC’s Attorney-Client Claim Over Hinman’s Document
The most recent reason why the SEC feels the document cannot be used as evidence in the lawsuit is that the document is protected by the attorney-client privilege.
According to the SEC, while drafting the documents, Hinman discussed with some legal practitioners at the agency, who gave him some useful insights that aided in the formulation of the speech.
Based on this, the SEC argued that the documents should not be made available to the public. The SEC’s recent claim over Hinman’s documents has attracted lots of criticism from Ripple and the entire Ripple community.
Upcoming Conference Imperative to the Lawsuit Outcome
With the parties still in disagreement over the Hinman documents, the court has decided to weigh into the issue, especially the recent claim made by the SEC that the document is protected by the attorney-client privilege.
A conference has been scheduled to discuss the SEC’s renewed assertion of attorney-client privilege over the Hinman document. The conference will be held tomorrow at 19:00 UTC in Courtroom 23B, Daniel P. Moynihan Courthouse, 500 Pearl Street, New York City.
While the number of attendees will be limited between the plaintiff and defendant’s team, the court has created an opportunity for the general public to listen to the proceedings of the conference.