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HomeCrypto NewsMarketRipple Says SEC Is Wrong to Object Court Rulings Regarding William Hinman’s Documents 

Ripple Says SEC Is Wrong to Object Court Rulings Regarding William Hinman’s Documents 


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The blockchain company has urged the court to deny the SEC’s objection to Judge Netburn’s ruling over Hinman’s documents. 

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Ripple and Individual Defendants Brad Garlinghouse and Chris Larsen have filed their responses to the US Securities and Exchange Commission’s (SEC) objection to Judge Sarah Netburn’s ruling on the William Hinman documents. 

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SEC’s Quest to Protect Hinman’s Documents

Recall that the SEC had asserted that it could not surrender the drafts to Hinman’s speech because the documents were protected by deliberative process privilege (DPP). 

Judge Netburn denied the decision. Following the court’s decision, the SEC also filed another motion, claiming Hinman’s documents are protected by the attorney-client privilege. The SEC contended that Hinman received legal advice from lawyers at the commission before drafting the speech. 

Interestingly, the motion was also denied by Magistrate Netburn, who later slammed the SEC for its hypocritical tactics. Again, the court ordered the commission to produce the document to aid Ripple and Individual Defendants in their Fair Notice Defense. 

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Despite these rulings, the SEC still objected to the order. According to the commission, the court erred in its ruling. 

Ripple’s Response to SEC’s Objections

According to Ripple, the SEC is wrong to object to the ruling because it cannot show clear errors in any of the rulings. 

“The SEC effectively concedes that Judge Netburn got the law right on these issues, setting out the legal tests in nearly identical terms and citing the same authority. It disagrees only with the Court’s factual findings and the natural conclusions therefrom,” an excerpt of Ripple’s response reads. 

As regards Judge Netburn’s ruling on SEC’s DPP claims over Hinman’s documents, Ripple stated that the verdict “follows well-established Second Circuit law as applied to the record the SEC built.”  

The blockchain company and its executives also noted that Magistrate Netburn’s ruling on SEC’s claims over Hinman’s documents is in line with the straightforward application of undisputed law to factual records and sworn evidence submitted by both Hinman and the agency. 

Additionally, Ripple slammed the SEC for changing its story as it deemed fit to keep the drafts from being surrendered to the company. 

Notably, the SEC had asserted that the 2018 Hinman speech was his personal opinion and did not represent any of its policies. 

However, after a year, the SEC made a u-turn, claiming the speech was guidance to market participants. 

“[The SEC] sought to put the toothpaste back in the tube and rely on self-contradictory lawyer arguments to avoid the consequences of its litigation strategy. But that was not an error; it was the faithful application of law to facts. The SEC’s objection must be denied,” Ripple said.

Parties File Motion to Exclude Expert Testimonies

Meanwhile, attorney James K. Filan noted that Ripple and the Securities and Exchange Commission have started filing motions to exclude expert testimonies. 

However, the motions are being filed under seal until Judge Analisa Torres decides what should be publicized in the filing. 

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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