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On July 13, the Magistrates’ Court confirmed this. SEC As part of the lawsuit against Ripple, its former employee Bill Hinman is required to hand over documents related
On July 13, the Magistrates’ Court confirmed this. SEC As part of the lawsuit against Ripple, its former employee Bill Hinman is required to hand over documents related to his talk about cryptocurrencies.
In December 2020, the SEC accused Ripple and its top executives of selling $1.3 billion worth of unregistered securities disguised as XRP tokens.
The stumbling block in the lawsuit was a speech by former SEC corporate finance director Bill Hinman at the Yahoo Finance conference in 2018. He then said that he does not see bitcoin and ether as securities. He didn’t mention XRP.
While Ripple sought to obtain documents related to this conversation, the SEC used several conflicting arguments to prevent them from being used in court.
At first, he claimed that Hinman’s speech reflected his personal view on cryptocurrencies, not the policy of the entire institution. The commission later stated that because the speech was made by an employee present at the time, it fell under the legal protection of the agency’s internal negotiations. The court did not accept any defense.
The regulator made another attempt to protect the documents in June. He said attorney-client privilege was applied to the conversation as it was developed in partnership with SEC attorneys as part of Hinman’s official duties.
The Magistrates’ Court rejected this request and accused the Commission of making every effort to achieve the desired aim and breaking the law.
Wow. Jim used the “H” word. The “H” word! pic.twitter.com/ejaCsgK3nD— Jeremy Hogan (@attorneyjeremy1) 12 July 2022
“To avoid exposure, the SEC strayed from Hinman’s speech and sought to conceal the affidavit on the grounds that everything he said had nothing to do with the Commission’s position,” the resolution said.
The court also found that the purpose of communication between Hinman and the SEC attorney was not to provide legal advice or to inform the decision-making body, so it was not protected by the statute the SEC intended to use.
Recall that in November 2021, journalists published a large-scale investigation into which the SEC employees behind the case could be linked to Ethereum.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
