• Ripple criticizes the SEC’s delaying tactics and demands the Hinman Memos

  • Ripple slammed the Securities and Exchange Commission (SEC) on Wednesday for yet another attempt to prevent the release of internal documents related to their ongoing case.

    In a letter to the court, Ripple stated that the SEC’s recent assertion of attorney-client privilege over the documents was without merit, and chastised the regulator for attempting to stall proceedings.

    The SEC has repeatedly attempted to prevent the release of internal memos related to former director Bill Hinman’s now-infamous speech. In that speech, Hinman stated that Bitcoin and Ethereum are not securities.

    One of the key issues being debated in the Ripple case is the nature of cryptocurrencies.

    The SEC cites the attorney-client privilege.

    In another attempt to prevent the documents from being released, the SEC asked the court to allow them to file a brief response in support of “attorney client privilege” by May 20, 2022. Meanwhile, Ripple and the other defendants in the case have categorically denied the commission’s request. According to the defendants in the letter, this would be the commission’s at least sixth opposition filing to the motion to compel.

    Ripple criticized the SEC’s approach to a specific motion in the lawsuit in a letter. It stated that the commission’s request to file a sur-reply provides no justification. The SEC never even saw the defendants’ most recent filing, which was deemed inappropriate and premature.

    The main point raised by the Defendants is that the SEC is now claiming that last year’s briefings, court decisions, motion for reconsideration, and all other procedures were all academic exercises. The Commission believes that every document falls under the category of privileged attorney-client communications.

    Ripple requests that the SEC justify its motion.

    In the last nine months, the Court has already overruled the SEC’s deliberative process privilege (DPP) objection twice. The commission is still protecting the former SEC official’s speech despite the submission of expert discovery.

    The letter requests that the SEC justify its request for additional briefing after reviewing the defendants’ filings.

    Meanwhile, the Commission announces that the Crypto Assets and Cyber Unit will be nearly doubled in size. The SEC announced 20 new positions to protect cryptocurrency investors from a variety of threats. In the future, the cyber unit will have 50 dedicated positions.

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