The judge refuses the SEC’s appeal, which the lawyer describes as a ‘huge victory for Ripple’


Recent developments in favour of Ripple Labs have emerged as the company’s case against the Securities and Exchange Commission (SEC) proceeds.

On April 12, defence attorney James K. Filan notified members of the XRP community about the continuing dispute between the two sides, clarifying that District Judge Torres in the Ripple case had refused the SEC’s move for reconsideration of the deliberative process privilege with respect to Hinman emails and granted clarity of the subject.

“The Court refused the SEC’s Motion for Reconsideration of the DPP Ruling but granted the SEC’s request for clarification of that ruling,” he said.

The SEC requested a rehearing or clarification of the Court’s January 13, 2022 Order, which resulted in relevant emails discussing and draught versions of a June 14, 2018 speech delivered by then-Director William Hinman. The court brief states that the remarks and emails “are not immune from the deliberate process privilege.”

Furthermore, the text states: “The SEC’s allegation that the Speech was meant to represent Corporation Finance’s strategy to regulating digital asset offerings conflicts with the SEC’s and Hinman’s earlier stance that the Speech was intended to express his own opinions and did so.”

It proceeded as follows: “While the SEC wants to have it both ways, the Speech was either meant to represent or not intended to reflect agency policy. The SEC cannot now reject its own stance after insisting that it represented Hinman’s personal opinions.”

A significant victory for Ripple

Mr Filan observed in response to the judge’s recent judgement that “this is a significant victory for Ripple” and that the SEC now has 14 days to submit an appeal to the decision.

Notably, Finbold reported on April 9 that additional emails revealed the SEC’s conflict of interest in crypto regulation, a nonprofit group Empower Oversight made public SEC emails outlining the agency’s executives’ unlawful behaviour during the Ripple (XRP) litigation.

Former SEC officer Hinman was cautioned about a possible conflict of interest with his prior employment, Simpson Thacher, according to the emails.

Empower Oversight filed a request for the emails’ release, arguing that they may reveal the SEC was selectively enforcing rules in the bitcoin market.

As a consequence of Empowerment Oversight obtaining the SEC emails, legal experts have said that the facts included within them may endanger the agency’s ability to win the action against Ripple.

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