Judge Slams SEC’s Hypocrisy, Asks To Produce Hinman Memos In XRP Case
The crucial lawsuit between U.S. Securities and Exchange Commission (SEC) and Ripple has been stuck over the revelation of Hinman speech related documents. In a big move to disclose these internal memos, the court has denied the SEC’s claim of attorney-client privilege over it.
Court denies SEC’s motion
Attorney James Filan took to Twitter to share that Judge Netburn has rebutted the authority’s claim. While she has asked the SEC to produce the speech related internal documents in court. The order states that the primary purpose of the communication was not to provide legal advice to aid the commission.
The order mentions that the SEC needs to submit the 2 proposed redactions for the court’s in camera review. The judge also added that the commission earlier sought to shield the documents under the deliberative process privilege. However, that claim was also denied by the court.
It highlighted that SEC must have established that the communication between counsel and client was intended to be and was confidential. However, it was made for the purpose of obtaining and providing legal advice.
Watchdog confused over Hinman’s speech?
The commission does not dispute at Hinman’s speech reflected his personal views and it was not agency policy. The judge mentions that instead of this SEC argued over the difference between the speech and its drafting.
The order mentioned that the SEC has distanced itself from the speech to avoid its discovery. However, it also precludes Hinman’s deposition on the grounds of whatever he said had nothing to do with the Commission’s positions.
Nevertheless, Hinman gave the speech in his personal capacity. He and other SEC staff acted in official capacities during the drafting and editing process.
The judge slammed the watchdog over its hypocrisy of arguing in court. On one hand, the speech is not relevant to the market’s understanding of how the SEC will regulate the cryptos. While on the other hand, Hinman sought and obtained legal advice from SEC counsel in drafting his speech which suggests that the Commission is adopting the litigation position.
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