SEC refused to disclose internal documents in the case against Ripple

SEC refused to disclose internal documents in the case against Ripple

SEC refused to disclose internal documents in the case against Ripple

The US Securities and Exchange Commission (SEC) filed an objection to the court's requirement to disclose internal documents in the case against Ripple.

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We are talking about the text of the speech of the former director of the corporate finance department of the regulator William Hinman from 2018. Then he stated that for various reasons, bitcoin and Ethereum are not securities.

SEC argued that the speech of the former official reflected his personal views. In February, the Commission filed a motion with the court, according to which Hinman expressed the position of the corporate finance department. So the department hoped to extend the DPP to draft speeches.

On July 12, 2022, Judge Sarah Netburn called the regulator's position hypocrisy and denied a motion to withhold disclosure of internal documents.

August 16, the Commission accused Ripple's lawyers of using a “fundamentally inconsistent argument.” In an objection to the court's decision, the SEC stated that Hinman's speech was not relevant.

According to the document, draft speeches are internal documents that are not subject to disclosure. At the same time, the regulator emphasized that information related to the process also falls under the DPP.

The speech of the ex-employee in the SEC was again called “preliminary” and “advisory”, because it “reflects the personal opinion of the author”, “and not the policy of the agency.” As in the previous petition, the regulator invoked the privilege of attorney-client privilege.

SEC filed suit against Ripple

Fox Business has previously published large-scale investigation of the SEC case against Ripple. The journalists came to the conclusion that the officials behind the lawsuit could be affiliated with Ethereum.

A possible conflict of interest in the actions of former high-ranking officials of the Commission was also pointed out by the non-profit organization Empower Oversight.

Recall that in May, SEC representatives were unable to “confirm or deny” the authenticity of the video recording of Hinman’s speech at the Fintech Week 2018 conference. stated that transactions with Ethereum are not “transactions with securities.”

What is Ripple and XRP cryptocurrency?

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