Garlinghouse takes another swipe at the SEC.
Brad Garlinghouse, CEO at Ripple, has taken a swipe at the Securities and Exchange Commission (SEC) for trying to deceive the public into having a particular idea about the agency.
Garlinghouse made a comment in response to the regulators’ decision to finally hand over the Hinman documents to the Silicon Valley tech company Ripple.
According to Garlinghouse, the SEC’s decision to finally turn over the documents to Ripple is an effort by the agency to give people the idea that it cares about “disclosure, transparency, and clarity.”
“Don’t believe them. When the truth eventually comes out, the shamefulness of their behavior here will shock you,” he added.
The SEC wants you to think that it cares about disclosure, transparency and clarity. Don’t believe them. When the truth eventually comes out, the shamefulness of their behavior here will shock you. https://t.co/rqEzDXEx1A
— Brad Garlinghouse (@bgarlinghouse) October 20, 2022
Hinman’s Document Still Sealed
The Hinman document’s content is still unknown since it is still sealed, as requested by the Securities and Exchange Commission. However, there is a likelihood that Ripple will eventually disclose the opinion of internal SEC staff when Hinman was drafting the speech, which saw him declare Ethereum as non-security.
Ripple believes the SEC must have talked about XRP during the speech’s formulation, given the cryptocurrency’s popularity at the time.
Fight Over Hinman Documents Finally Over
Recall that Judge Analisa Torres reaffirmed Judge Sarah Netburn’s decision on the Hinman documents and ordered the SEC to turn over the documents to Ripple.
Many expected the SEC to take other actions to ensure it delays turning over the documents. James K. Filan, a former U.S. prosecutor, noted that the SEC had three possible maneuvers to ensure it keeps the documents away from Ripple. According to Filan, the SEC could have asked Judge Torres to reconsider her decision or request that she certifies an appeal of her decision. Lastly, he added that the SEC could directly approach the Court of Appeal for a Writ of Mandamus. However, the SEC chose not to take any actions and opted to hand over the documents to Ripple, as stated by Stuart Alderoty, Ripple’s General Counsel.
“Over 18 months and 6 court orders later, we finally have the Hinman docs (internal SEC emails and drafts of his infamous 2018 speech),” Alderoty said.
Meanwhile, attorney John Deaton said the SEC referred to Hinman’s documents in its reply to Ripple’s summary judgment motion.
The Hinman emails are referenced in the brief. It’s redacted but you can tell there was shady ? involved. The office of GC, and Director of Trading Markets involved. Let’s just say I and others believed that #XRP definitely was referenced in the emails and you can tell it was.
— John E Deaton (220K Followers Beware Imposters) (@JohnEDeaton1) October 21, 2022