SEC Keeps up Game to Avoid Court Orders, Files Brief to Defend Its Refusal to Release Hinman’s Speech Drafts

[solodeji]

The United States Securities and Exchange Commission (SEC) has kept up its fight to resist Ripple and the court as it maintains that emails of William Hinman’s Ethereum speech are its private property.

In a recent reply brief, the SEC defended its objections to a recent court order compelling it to provide the draft emails of William Hinman’s 2018 speech about the securities status of Ethereum (ETH), the second-largest cryptocurrency by market capitalization.

Attorney James K. Filan who shared the update on Twitter wrote, “The SEC has filed its Reply Brief in Further Support of its Objection to Magistrate Judge Netburn's Orders Compelling the SEC to produce the Hinman Speech Materials.”

In the reply brief, the SEC maintained that the draft of the Ethereum speech is irrelevant in its ongoing lawsuit against Ripple.

Secondly, the SEC says even if the speech drafts were relevant in the lawsuit, they are protected by the Deliberative Process Privilege (DPP) because they are pre-decisional and deliberative.

Thirdly, the plaintiff claims that the attorney-client privilege also protects the documents in question because they were made for the purpose of obtaining or providing legal advice.

The regulator further accused Ripple, the cross-border payment firm, of employing a fundamentally inconsistent argument to force the production of the documents in court.

The SEC also refutes Ripple’s claims that the Hinman speech was taken by many to suggest that XRP wasn’t an unregistered security. The regulator even went as far as linking a Fortune article that says XRP would struggle to pass the SEC’s regulatory scrutiny.

https://timestabloid.com/sec-keeps-up-game-to-avoid-court-orders-files-brief-to-defend-its-refusal-to-release-hinmans-draft-emails/

[peanut56]

Either the SEC is using the emails as a way to frustrate Ripple and the court, or there is something so bad in those emails that they are doing everything to avoid handing them over.

[RipMcGillicuddy]

39 minutes ago, peanut56 said:

Either the SEC is using the emails as a way to frustrate Ripple and the court, or there is something so bad in those emails that they are doing everything to avoid handing them over.

Yep, think it could easily be either one of those, and I'm not convinced which one it is yet. 

[NightJanitor]

11 hours ago, peanut56 said:

Either the SEC is using the emails as a way to frustrate Ripple and the court, or there is something so bad in those emails that they are doing everything to avoid handing them over.

I thought the Ethics counsel warning to Hinman (and who knows who else should have gotten one) would have been plenty... but, I'm old-school.  Like, I sniff at the ancien regime, a bit, and am like "Well, well, who's the new guys?"

Anyway, this Kafka business is getting old.  People are onto the word games.  Law schools might need to teach Law?

The only way ANY type of privilege attaches to these emails is if it starts with Hinman saying something like "Our Ethics counsel told me not even to meet or talk to the guys who wrote most of this speech or put me up to writing it or giving it - just fyi - but what do you guys think, you know, "legally" - anyone want in on insider trading + criminal conspiracy?  I really don't want to do this alone - I might need a lot of 'advice' and 'help'.  Any comments from potential fall-guys OR potentially unindicted co-conspirators?  Any thoughts on 'framing' the matter - or any volunteers?  Hello?  Is this thing on?"

(The entire reply chain would be "Bill, never email me or talk to me again, ever.  Cross the street if you see me.  Thanks!"  -Signed, Everyone at SEC)

We'll see... we'll see... we'll see!

Edited August 18, 2022 by NightJanitor
These guys are so full of shit - sometimes you just gotta point and laugh.