The SEC may continue to push to hold on to Hinman’s document despite Judge Torres’ recent ruling.
As Reported By The Crypto Basic, in a major defeat to SEC, With Judge Analisa Torres backing her colleague Judge Sarah Netburn and ordering the SEC to turn over William Hinman’s documents, the federal agency is left with limited options in its quest to delay further complying with the order.
Former U.S. defense lawyer James K. Filan highlighted three “procedural cards” the Securities and Exchange Commission can use to further hold on to Hinman’s documents.
“Some thoughts on the next steps in the quest for the Hinman documents. The SEC has several procedural cards they can play to avoid further complying with the order to produce the Hinman documents,” Filan said.
#XRPCommunity #SECGov v. #Ripple #XRP 1/4 Some thoughts on the next steps in the quest for the Hinman documents. The SEC has a number of procedural cards they can play to try to further delay complying with the order to produce the Hinman documents.
— James K. Filan 🇺🇸🇮🇪 115k (beware of imposters) (@FilanLaw) September 30, 2022
Possible Moves SEC Can Use to Stall Recent Order
According to Fillan, the SEC can still appeal to Judge Torres to reconsider her decision on the issue, a move that has a low probability of success.
The second procedural card the SEC can play to delay further complying with the order is for the agency to directly ask Judge Torres to certify an appeal of her order. If the SEC’s request is granted, it can file an interlocutory appeal to the Second Circuit to counter Judge Torres’ decision.
Furthermore, Filan said the SEC could ignore using any of the two methods and directly file a petition at the Court of Appeal for Writ of Mandamus.
Interestingly, Filan described the three procedural cards as having a very low probability of success. He added even if SEC chooses any of these maneuvers, none will impact the summary judgment schedule.
“If the SEC wants to delay producing the documents, they may try any or even all of these maneuvers, and that could take an additional 2 to 3 months to work out; none of these attempts at delay, however, will impact the summary judgment schedule,” Filan said.
XRP Holders Optimistic
At the moment, Ripple has recorded major victories in the lawsuit, which many believe could play a pivotal role in the final ruling. XRP holders are optimistic about a victory in the end, and these events have continued to impact the price of the cryptocurrency positively. XRP surged over 10% to $0.48 when Judge Torres overruled the SEC’s objection.