SEC Ordered to Turn Over Documents in Ripple Litigation
United States District Court Judge Analisa Torres denied the SEC's second request for withholding documents about former Division Director William Hinman's speech.
In its legal battle with the SEC, the order marks a significant win for Ripple, since the story behind the speech may be able to undermine the SEC's core arguments. Hinman's speech at Yahoo Finance All Markets Summit in June 2018 is mainly reflected in the documents.
A court decision overturned the plaintiff's claim of attorney-client privilege by finding that the internal speech documents contain communications that primarily involve interpreting and applying legal principles.
According to the SEC, Ripple Labs' cryptocurrency, XRP, is secure because, in 2013, the company used it to raise funds. The SEC filed a lawsuit against the company and its current CEO, Brad Garlinghouse, and its previous CEO, Chris Larsen in December 2020.
According to Hinman, Ether, along with Bitcoin, is not a security, as he stated in his speech. Ripple is also facing a lawsuit by the SEC over whether the company sold XRP illegally years ago.?
Initially, it looked like Ripple was going downhill, and the company has engaged in a variety of defensive strategies to combat the charges. Ripple Labs and the Securities and Exchange Commission filed motions both on Sept. 17 in the U.S. District Court for the Southern District of New York for summary judgment.??
CBW - External Analyst