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SEC v Ripple: An Update on the XRP Lawsuit

It’s been over a year since the SEC made its surprising move against Ripple and kicked off the most hotly-followed battle in the crypto world. After accusing Ripple of violating securities laws, the SEC’s lawsuit has evolved into a long-lasting and messy confrontation with the future of crypto regulation on the line. Given that Ripple and the SEC agreed on a schedule for the next phase of the case, filings and hearings on motions for summary judgment will extend to December. After that, a federal judge will either judge the case and end it, or pass it on to the jury. There’s a major XRP lawsuit update, and it can be a game-changer for the case and crypto.

XRP Lawsuit Update: SEC Requests Permission To File

Most recently, the SEC asked for permission to file a brief to the Ripple Defendants’ response about the SEC’s claims of attorney-client privilege to Hinman documents. The Ripple Defendants oppose this request.

As it turns out, according to the SEC, every single document is actually privileged lawyer-client communications and this includes every memo, brief, argument, and the SEC’s request for reconsideration.

Matthew C. Solomon, Ripple’s attorney, opposes the SEC’s request to file a reply brief in court. In the documents, Solomon points out that the SEC had enough time to assert and support its various privilege assertions. He appended discovery, which has been closed for months, and both parties are on the eve of filing motions for summary judgment.

Further delays would be prejudicial to the Defendants, and Solomon notes the SEC should, at least, have to justify why it requested further briefing after it reviews the Defendants’ response.

Bill Hinman’s Role in the SEC v Ripple Case

William Hinman is one of the focal points in the ongoing SEC v Ripple case. In the latest XRP lawsuit update, what’s inside the Hinman documents is one of Ripple’s main defenses. To that end, Hinman has repeatedly prevented the crypto company from gaining access to either his emails or his speeches, a choice that some analysts feel would severely compromise their case.

Nonprofit whistleblowing organization Empower Oversight released over 200 emails, allegedly confirming that there were many conflicts of interest with Hinman.

Mail records say Hinman was warned against meeting with anyone from Simpson Thacher, a firm dedicated to promoting the commercial use of Ethereum. Apart from that, he met with the co-founders of Ethereum before giving his now-infamous speech of 2018.

For this reason, the SEC has so far refused to release John Hinman for a deposition. According to the commission, Ripple’s request would be granting it precedent which could lead to the testimony of top-ranking government officials.

Closing Remarks: XRP Lawsuit Update

Ripple’s lawsuit against the SEC is ongoing, and the timeline has been updated. In the meantime, there have been some interesting developments in the case, including more clarity on Bill Hinman’s role and an update from attorney Solomon.

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