District ripple sec hinman

Ripple: Defendants and regulator in conflict over expert reports

Court denies SEC’s request to withhold Hinman speech of 2018

On July 12, Judge Sarah Netburn denied the SEC’s motion citing attorney-client privilege and deliberate process privilege. Judge Netburn slammed the regulator for hiding documents that could answer relevant questions in front of the court. She cited the behavior as egregious and said it impugns the agency’s “faithful allegiance to the law.”

The House Financial Services Committee holds an oversight hearing on the SEC Enforcement Division next Tuesday, and Chairwoman Maxine Waters has the opportunity to ask the regulator where their allegiance lies.


Roslyn Layton, a senior contributor at Forbes, urged Congress to heed Judge Netburn’s words and ask the SEC whether their allegiance lies with the public and the law or their own personal interest.

Payment giant Ripple centered its defense around Hinman’s market-moving speech that documents the SEC’s failure to provide fair notice to the market on XRP’s status. Since this revelation, the SEC requested to keep Hinman’s emails, speech drafts, calendar and related documents from his tenure under wraps, citing attorney-client and deliberate process privileges.


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  • Judge Sarah Netburn called out the regulator’s hypocrisy and slammed them for hiding documents in the SEC v. Ripple case.
  • Experts argue that the case is heading in a disbarment direction for some SEC attorneys as Judge Netburn questioned their faithful allegiance to the law.
  • XRP price could break out past $0.36 in the event of a bullish cross of the 50-day EMA through the 100-day EMA.
  • The US District Court rejected the US Securities & Exchange Commission’s (SEC) request to withhold Hinman documents in the SEC v.
    Ripple case
    . Judge Sarah Netburn denied the SEC’s motion citing attorney-client privilege and slammed the agency for failing to act according to a “faithful allegiance to the law.”

    Also read:SEC v.

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    Ripple had no comment. Bill Hinman could not be reached for comment.

    Ripple has argued that drafts of Hinman’s speech were sent to various members of the SEC for their input and will show the muddled thinking by the commission in bringing the case two years later, the last official act of Trump SEC chair Jay Clayton.

    Bill Hinman, the former director of corporation finance at the U.S. Securities and Exchange Commission. (U.S. Securities and Exchange Commission)

    Clayton’s replacement, Biden appointee Gary Gensler, continues to litigate the case, which, if successful, would have far-reaching regulatory implications for the $1 trillion crypto industry.

    The SEC’s statutory authority in crypto has been murky; a clear win in the Ripple case could open up avenues for further SEC enforcement.

    Small victory for Ripplein its never-ending lawsuit against the US Security Exchange Commission (SEC), thanks to thelatest emails revealed by Empower Oversightshowing thatWilliam Hinman acted with improper conduct, in full conflict of interest.

    Ripple’s victory and the revelation of improper conduct for SEC officials

    The non-profit organizationEmpower Oversight filed a FOIA request in August 2021 on suspicions of improper conduct by SEC officials regarding the XRPlawsuit that appears to havefinally been answered.

    It consists of no less than200 pages of emails that the SEC has revealedshowing how the former director of the US regulator’s corporate finance division,William Hinman, acted in violation of the conflict of interest several times.

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    Gary Gensler, chair of the Securities and Exchange Commission. Gensler, continues to litigate the case, which, if successful, would have far-reaching regulatory implications for the $1 trillion crypto industry.(Bill Clark/pool/AFP via Getty Images / Getty Images)

    Netburn’s most recent ruling dismissed the SEC revision to its argument that Hinman wasn’t merely stating a personal opinion, but making an argument on behalf of the government thus retaining a level of confidentiality.

    CLICK HERE TO READ MORE ON FOX BUSINESS

    The legal tussle over the Hinman drafts began in January, when Judge Netburn ordered the SEC to turn over other documents to the court while she weighed whether Ripple could gain access to them.

    The SEC is expected to appeal Judge Netburn’s ruling to Federal District Judge Analisa Torres.

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    NKw97M6xv

    — James K. Filan 🇺🇸🇮🇪90k+ (beware of imposters) (@FilanLaw) April 11, 2022

    “BREAKING: The Court has denied the SEC’s Motion for Reconsideration of the DPP Ruling and granted the SEC’s request for clarification of that ruling.

    This is a very big win for Ripple.

    The SEC has 14 days to file an objection to this decision to District Judge Torres.

    The court has granted the SEC’s motion and approved the SEC’s proposed redactions of the notes of the meetings between SEC employees and third parties”.

    At large, Hinman’s emails have been highly criticized by legal experts who have shared their suspicions that these notescould destroy the SEC’s case against Ripple.

    Price of XRP

    Meanwhile,the price of XRP has been falling over the past week, droppingfrom $0.82 to $0.70at the time of writing.A drop of 14%.

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