The U.S. Securities and Exchange Commission’s (SEC) motion for reconsideration of its deliberate process privilege (DPP) was rejected by the court. The court’s decision has been considered a big win for Ripple in the nearly two-year long lawsuit.
The SEC had initially sought to invoke its deliberate process privilege to prevent Ripple from accessing certain internal documents which would aid the crypto firm in the case. While its initial motion was rejected, the court ordered the SEC to clarify its position.
The ruling is related to Bill Hinman’s infamous Ethereum (ETH) speech where he mentioned that the token will not be considered as a “security”.
Hinman’s speech allegedly mentioned Ripple is not a security
Judge Netburn has mentioned that the SEC claims that the court had missed out on two factual issues regarding the speech. The commission asserts that Hinman made the speech to communicate the digital asset offering regulation approach by the SEC’s Division of Corporation Finance. The ruling added that the commission’s assertion is inconsistent with their previous position which claims that the speech reflected his personal views.
The judge has asked the SEC not to argue as it will be a disagreement with the court’s conclusion. Meanwhile, the court disagreed with the SEC’s opinion that Hinman’s speech intended to provide a “framework” in order to evaluate digital offerings. It is completely different to include multiple agency’s directions in the speech and further call the speech was not intended as a guidance.
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The ruling mentions that SEC is now trying to minimize the fact that it has completely rejected to claim responsibility for the speech.
The attorney James K. Filan claimed that it is a very big win for Ripple. He said that the SEC has 14 days to file a reply to Judge Torres’ rulings.
SEC will still be allowed to censor some documents
The SEC has managed to secure a small win in the case as the court has granted the SEC’s redaction motions. The court has approved the commission’s proposed editing of certain documents the regulator has to reveal to Ripple under the case.
Ripple has sought to begin procedures on a preliminary ruling by May- something that the SEC opposes until more facts are bought to light in the case. The court’s decision on a preliminary ruling is due later in April.
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