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SEC vs. Ripple: Is The SEC About To Throw Hinman Under The Bus?

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  • On February 17, the Securities and Exchange Commission (Plaintiff) filed a motion for partial reconsideration and clarification of Magistrate Judge Netburn’s DPP Ruling.
  • The Court’s ruling was based on a single document connected to the Speech, which Ripple (Defendants) chose to highlight for the Court,’ according to the report.
  • Overall, the plaintiffs’ actions had become a major source of concern for the business as a whole.

The Securities and Exchange Commission (SEC) may be exploring a new strategy to resolving its long-running conflict with Ripple. To counter Ripple’s action mode strategy, a more indirect root is used. Ripple had filed a letter move to force the SEC to disclose over the notes in this case. The SEC, however, refused to do so, citing deliberative process privilege as a reason (DPP).

Who’s Going To Be Thrown Under The Bus?

On February 17, the Securities and Exchange Commission (Plaintiff) filed a motion for partial reconsideration and clarification of Magistrate Judge Netburn’s DPP Ruling. It featured a single, clean draught of a speech given by Bill Hinman, former Director of the Securities and Exchange Commission’s Division of Corporation Finance (Corp Fin), on June 14, 2018. The speech, according to the aforementioned filing, was not Hinman’s own opinion. It was intended to represent the perspective of the Department of Corporation Finance on digital assets. The Court’s ruling was based on a single document connected to the Speech, which Defendants chose to highlight for the Court,’ according to the report. However, prior to the Court’s decision on Defendants’ motion, the 67 other emails with attached versions of the speech were ignored.

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 It went on to say: These documents showed that it wasn’t just a sideshow when it came to policymaking. It was, in fact, a critical link in the SEC’s Ether decision-making process. The SEC staff exploited Hinman’s comments to provide market guidance. The views of its Corporation Finance division might be trusted. The move has put the industry’s position on Ethereum and other digital assets in jeopardy. Crypto Twitter reacted negatively as the regulatory authorities continued to turn the tables. Ripple and its agents could benefit from Plaintiff’s crazy move, according to Jeremy Hogan, a partner at Hogan & Hogan. He expressed his opinion as follows:

Is It Possible For Ripple To Take Advantage Of The Situation? 

NOW, the speech wasn’t supposed to express Hinman’s personal opinion on digital assets, but rather the Department of Corporation Finance’s position on the subject?! This is as bizarre as it gets in the legal world. The Ripple attorneys must be salivating!! Overall, the plaintiffs’ actions had become a major source of concern for the business as a whole. Is it possible for Defendant to take advantage of the situation? So, let’s wait and see what happens now that the ball is in their court.

Nancy J. Allen

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