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Ripple vs SEC: Battle Over SEC Emails Rages On With Further Filing Due This Friday

26 Apr, 20223 min readRegulation
Ripple vs SEC: Battle Over SEC Emails Rages On With Further Filing Due This Friday

In recent updates to the Ripple-SEC lawsuit, the tussle for SEC emails continues with another filing due this Friday. The SEC's motion to renew the assertion of attorney-client privilege over and redact the speech documents is due this Friday, April 29.

SEC's motion to renew the assertion of attorney-client privilege over & redact the speech documents is due this Friday. The judge has narrowly confined the scope to redact but the SEC signalled in its 15 April letter that many documents are subject to attorney-client privilege — bill (@Belisarius2020) April 26, 2022

Earlier, the SEC had told that court that it was going to file new privilege assertions in a last-ditch effort to prevent the production of emails related to the infamous Ethereum speech of William Hinman, the former director of the SEC's Division of Corporate Finance. The agency had also stated its intent to oppose the court's deliberative process privilege (DPP) ruling, asking for additional time.

#XRPCommunity #SECGov v #Ripple #XRP The SEC has filed a request for an extension of time to file its Objection to Magistrate Judge Netburn’s Ruling on the Motion for Reconsideration of the DPP Ruling. The SEC is raising new privilege assertions. — James K. Filan 🇺🇸🇮🇪90k+ (beware of imposters) (@FilanLaw) April 15, 2022

In a speech given in 2018, William Hinman, then-SEC Director of Corporation Finance, stated that Ethereum was not a security. Ripple demanded that the SEC disclose 70 emails about the infamous speech that was distributed within the agency. The SEC fought hard to keep the emails private, even issuing an expert report on the final day of discovery.

The SEC was criticized by the court, and it was ordered to pay the defendant's expenses as well as the cost of re-deposing an expert witness.

After being sued by the Securities and Exchange Commission in late 2020, Ripple received a lot of backlash from the cryptocurrency community for targeting Bitcoin and Ethereum in their Wells notice and blaming the SEC for picking "winners and losers." At the same time, members of the XRP community believe that the SEC created an uneven playing field for other projects by allegedly providing clarity for the top two cryptocurrencies.

Ripple CEO Brad Garlinghouse recently stated that maximalism is a big roadblock for the sector. Garlinghouse, who owns Bitcoin and Ethereum, believes that several cryptocurrencies could succeed, which is why tribalism has no place in the cryptocurrency world.

In updates over the weekend, Ripple's general counsel, Stuart Alderoty, said Ripple is pushing hard to settle the case as soon as possible, although a resolution is most likely in 2023. He says, ''To all that have been following the case thus far – thank you. Know that Ripple is pushing hard (and the Court is working hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay.''

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