SEC has only two days to ask Judge Torres to reconsider her ruling over Hinman’s documents.
The Securities and Exchange Commission has been relatively quiet after Judge Analisa Torres backed her colleague and ordered the agency to surrender the drafts of William Hinman’s speech to Ripple.
Several possible routes the SEC could use to stall the surrendering of the documents to Ripple were highlighted moments after the ruling.
The maneuvers the SEC could use to delay handing over the documents to Ripple include filing a motion asking Judge Torres to reconsider her decision, requesting that she certifies an appeal of her decision, or approaching the Court of Appeal for a Writ of Mandamus. However, since the ruling was made, the Securities and Exchange Commission is yet to make a move on the issue by Oct 13th.
Filan: SEC Has Only 2 Days to Request Reconsideration
In a recent tweet by Mr. James K. Filan, a former federal prosecutor, the SEC has only two days if the agency asks Judge Torres to reconsider her decision over the issue.
“If the SEC decides to file a motion for reconsideration of Judge Torres’s ruling on the SEC’s objections regarding the Hinman documents, that would be due October 13th,” he said.
If the SEC decides to file a motion for reconsideration of Judge Torres’s ruling on the SEC objections regarding the Hinman documents, that would be due October 13th. https://t.co/vFdvg7p2py
— James K. Filan 🇺🇸🇮🇪 118k (beware of imposters) (@FilanLaw) October 11, 2022
It is unclear what decision the SEC will make now, but many people believe the agency will do everything to ensure it does not surrender the documents to Ripple. According to attorney John Deaton, the founder of Crypto Law, the SEC would rather enter into a settlement with Ripple than surrender the Hinman notes.
Aside from Ripple-related issues, many believe the Hinman documents could reveal the SEC’s internal opinion about cryptocurrency regulations, which could have more severe consequences.
SEC and Ripple Saga Over Hinman’s Documents
Hinman, the former director of SEC’s Corporation Finance, has been an integral part of the lawsuit between the SEC and Ripple. The parties had been at loggerheads over his 2018 speech, where he declared Ethereum a non-security.
Ripple believes there is no way the SEC’s internal staff did not talk about the company while drafting Hinman’s 2018 speech. Thus, requesting that the agency turn over the drafts of the speech.
However, the SEC has resisted every attempt to have them hand over the documents to Ripple. With Judge Torres ordering the agency to hand over Hinman’s documents to Ripple, many are eager to know the next step the Securities and Exchange Commission will take.