Ripple Vs SEC: Hinman Memos Meet New Hurdle Before Release

In another possible delay the Securities and Exchange Commission’s case against Ripple, the regulator has launched a fresh attempt to protect documents tied to the now infamous speech by former director Bill Hinman.

The motion marks yet another attempt by the regulator to block the release of the memos, which could be key evidence for the case. The SEC had earlier tried to argue the memos are internal documents not privy to release. But that motion was rendered moot.

Hinman’s speech was legal advice

This time the commission renewed its assertion that the attorney client privilege completely protects documents related to the Hinman speech made on June 14, 2018. The letter explains that the privilege comes in line with these memes as it reflects communication between SEC attorneys and then Director Hinman.

The letter further mentions that officials were providing a piece of legal advice on the matter under the SEC’s purview. It includes the discussion over the offer or sale of a digital asset as an investment contract. while, How The Federal Securities Laws define security offering. What Hinman said in the speech correspondingly reflects what he was advised before in the documents.

The commission is trying to get whole drafts under the umbrella reflecting that the speech was delivered considering legal advice. While it is also asking the court to review its proposed redactions. However, SEC says that it will submit the draft for the in camera review once the court agrees over redactions.

Is SEC playing to delay it more?

Meanwhile, the SEC is also seeking to protect the other two additional comments mentioned in the speech draft under the deliberative process privilege (DPP).

The SEC has filed this motion amid Judge Torres’s orders to shrink the proposed Summary judgment schedule. The defendant and the XRP holders express some releif by the order. However, it looks like the commission has other plans.

Attorney James K Filan expressed that Judge Torres went for the expect same period to complete the procedure as he expected. However, he explained the judge cut down the time involved in the procedure to suit the court. While there is another statute that intends the judges to decide over a motion 6 months from their filing date.