Two paintings – The SEC has just taken another hook in its legal tussle against Ripple which has now lasted for almost a year and a half. The agency could not only lose the lawsuit for non-compliance with its fair notification obligations…but Judge Sarah Netburn has also just given Ripple another reason to rejoice!
Ripple vs SEC: the Commission back on the ropes
Ripple Labs attorney James K. Filan has announcement in a tweet from April 12, 2022, “ a very big win for Ripple in the case against the SEC.
Judge Sarah Netburn has indeed denied SEC request who objected to the presentation in evidence for the defendant, of the remarks in 2018 of the director of the division Corporate Finance of the agency, WilliamHinman.
The latter had said during a conference that cryptocurrencies like bitcoin (BTC) and ether (ETH), are not securities. Initially, the SEC did not object to presenting the documents of this speech as evidence.
Thus, William Hinman’s remarks would not benefit from the deliberative process privilege. This measure provides that the internal processes of a government agency are protected from possible disclosure in a civil lawsuit.
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SEC attempts administrative footwork
But the SEC later backtracked. The regulator considered that its director had issued a personal opinion which in no way reflected the policy of the agency. The Commission therefore requested that the documents concerned be placed under protection.
Judge Sarah Netburn nevertheless ruled that the SEC’s request to reconsider the status of these documents between in contradiction with their previous statements:
“The SEC is looking to have it both ways, but either the speech was intended to reflect agency policy or it wasn’t.”
Does the SEC still have a trump card in their game that they haven’t played so far in this lawsuit against Ripple? She had won a legal victory at the end of March 2022but Ripple seems to have taken the upper hand overall.
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