The U.S. Securities and Exchange Commission (SEC) failed to obtain a reconsideration of the ruling on the DPP. This was disclosed by attorney James Filan.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: The Court has denied the SEC’s Motion for Reconsideration of the DPP Ruling and granted the SEC’s request for clarification of that ruling.https://t.co/yXNmx67zpQ
— James K. Filan 🇺🇸🇮🇪90k+ (beware of imposters) (@FilanLaw) April 11, 2022
The DPP is the privilege that allows the SEC to withhold documents or testimony by citing the confidentiality of data and sources.
Judge Sara Netburn denied the corresponding motion for reconsideration of the confidentiality of documents connected to the 2018 speech by former Director of the regulator’s Corporate Finance Division, William Hinman. At the time he stated that for various reasons Bitcoin and Ethereum are not securities.
“The SEC’s assertion that the speech was intended to inform the Corporation Finance’s approach to regulating offerings of digital assets is inconsistent with the SEC’s previous position and Hinman’s, according to which the speech was intended and did reflect his personal views”, — Netburn said.
In her view, “the speech was either intended to reflect the agency’s policy, or not”.
This is a very big win for Ripple.
— James K. Filan 🇺🇸🇮🇪90k+ (beware of imposters) (@FilanLaw) April 11, 2022
Filan called the April 12 decision ‘a very big win for Ripple’. According to him, the SEC has two weeks to appeal.
In January 2022, Netburn ordered the SEC to provide Ripple with an email containing Hinman’s draft speech. Before that, the parties were litigating about what information should be disclosed in the course of the proceedings.
In February the Commission asked to redact the draft of the former head of the Corporate Finance Division’s speech. The community suggested the reason lay in her substantial edits.
Subsequently Ripple, its chief executive Brad Garlinghouse and co-founder Chris Larsen filed a court objection to the SEC’s motion. In their view, the regulator was dissatisfied with the ruling and was seeking a rehearing.
In December 2021, the SEC showed greater loyalty to Ethereum than to the XRP token.
Earlier Fox Business published a major investigation. Journalists concluded that those behind the filing could have been affiliated with Ethereum.
In August 2021, the nonprofit Empower Oversight pointed to a potential conflict of interest in the actions of former senior SEC officials.
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