The court pointed out the controversial position of the SEC in the case against Ripple

3 min

The US Securities and Exchange Commission (SEC) was unable to obtain a review of the decision regarding DPP. This was announced by lawyer James Filan.

DPP is a principle of law that allows the SEC to refuse to disclose documents or testify, citing the confidentiality of data and sources.

Judge Sarah Netburn denied a related motion to review the confidentiality of documents related to a 2018 speech by the regulator’s former corporate finance director, William Hinman. Then he stated that for various reasons, Bitcoin and Ethereum are not securities.

“The SEC’s assertion that the speech was intended to inform Corporation Finance’s approach to regulating digital asset offerings is inconsistent with the SEC and Hinman’s previous position that the speech is intended to, and indeed reflects, his personal views,” Netburn said.

In her opinion, “the speech was either meant to reflect agency policy or it wasn’t.”

Filan called the April 12 decision “a very big win for Ripple.” The SEC has two weeks to appeal, he said.

SEC files lawsuit against Ripple

In January 2022, Netburn ordered the SEC to hand over an email to Ripple containing a draft of Hinman’s speech. Prior to this, the parties were debating what information should be made public in the course of the trial.

In February, the Commission asked that a draft speech by the former head of corporate finance be suppressed. The community suggested that the reason was in its significant adjustments.

Later, Ripple, its CEO Brad Garlinghouse and co-founder Chris Larsen filed an objection to the SEC’s petition in court. In their opinion, the regulator is dissatisfied with the decision and is trying to achieve a re-consideration.

Recall that in December 2021, the law firm Deaton Law Firm stated that the SEC showed greater loyalty to Ethereum than to the XRP token.

Earlier, the Fox Business channel published a large-scale investigation. The journalists came to the conclusion that the employees of the department behind the filing of the lawsuit could be affiliated with Ethereum.

In August 2021, the non-profit organization Empower Oversight pointed out a possible conflict of interest in the actions of former senior SEC officials.


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