- The Securities and Exchange Commission requests to submit two briefs supporting its disagreement with Judge Sarah Netburn’s decision.
- The request includes submitting a 30-page opening brief and a further 10-page reply brief to support.
- The SEC said the document is exempt from discovery due to the attorney-client privilege.
The latest on the matter of the SEC and Ripple Labs battle is that the SEC has asked to submit two distinct briefs supporting its objection to Judge Sarah Netburn’s decision, which required them to give Ripple access to William Hinman’s records.
The SEC’s request includes submitting a 30-page opening brief and a further 10-page reply brief to support the SEC’s opposition to three orders made by Judge Netburn regarding the disclosure of Hinman’s 2018 speech drafts.
James K. Filan, a defense lawyer and former federal prosecutor, made this development public yesterday, July 21. In the letter, the SEC claimed that including its objections to the court’s three orders in a single brief would save the court time.
This development sparked lots of reactions from the Twitter (NYSE:TWTR) community. User @Liz85139 found the matter laughable, adding, “What is so bad in those emails that SEC is willing to do anything not to turn them over.”
This new attempt of the commission to keep Hinman’s documents is to prevent them from being used to support Ripple’s Fair Notice Defense. Their first attempt earlier in April 2022 was denied. The SEC maintains that Hinman’s document is exempt from discovery due to the attorney-client privilege and cannot be used as proof in litigation.
On December 22, 2020, the Securities and Exchange Commission filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.