SEC Vs Ripple: Regulator Doubles Down On Blocking Hinman Memos
The U.S. Securities and Exchange Commission (SEC) has come forward to file another reply to protect the controversial Hinman speech. This letter is a reply to Ripple Defendants’ opposition filed over SEC’s claim over Speech and its related memos.
Hinman didn’t give speech in personal capacity
The commission is still shielding the internal documents related to the infamous Ethereum (ETH) praising speech over attorney-client privilege. The SEC claims that legal advice gained by then Director Hinman by attorneys and other staff comes under the umbrella of this privilege. It further claimed that sections of final drafts and emails passing the guidance over the speech.
The SEC has mentioned that the Defendants’ reply claims that Hinman developed and delivered the speech in his “personal capacity”. The agency raises a point that the court has never said that speech was developed and delivered in “personal capacity”. However, the court decreed that former Director’s speech presents its “personal views” on the matter.
SEC agrees to produce redacted draft for review
Meanwhile, Commission has agreed to submit its proposed redactions of the draft for an in camera review if the court decides so. Earlier, the defendants asked the SEC to produce the DPP redactions and documents held under the Attorney client Privilege for in camera review. Opposition added that the court should review and decide whether the memos should be consider legal advice or not.
The commission added that Even if the speech carried its personal view, Hinnam did not deliver in his “personal capacity”. It asserts that Speech would have not any relevance to its defense if it was not give by any senior SEC employee. Over these assertions, SEC still holds the fort that the legal advice for the Speech comes under the mentioned privilege.
Earlier, Ripple Defendants also filed the motion compelling the SEC’s inadequate reply to their requested admissions. The letter mentions that requests aim to shorten the lawsuit for a benefit of both parties.
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