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News

Judge Now Rejects SEC’s Request To Keep The Hinman Docs Confidential, Giving Ripple The Upper Hand

July 13, 2022 - Around 2 mins mins to read
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Judge Rejects SEC’s Request To Keep The Hinman Docs Confidential, Giving Ripple The Upper Hand

In Ripple case, Magistrate Judge Sarah Netburn dismissed the US Securities and Exchange Commission’s claims of attorney-client privilege. She said, “The documents must be produced”.

The SEC sought to rely on the attorney-client privilege to safeguard records and documents pertaining to the controversial Ethereum speech made by former senior employee William Hinman.

When the plaintiff first tried to use the deliberative process privilege, the government blocked their claim in January. The court found that obtaining information from outside sources did not meet the criteria for protected conduct.

Late in April, the SEC tried once more to conceal Hinman’s emails by claiming the attorney-client privilege. The lawsuit claimed that the questioned documents contained “confidential information,” and he added that Hinman needed to be acknowledged as a client of SEC lawyers who gave him legal advice.

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The SEC also made clear that he wouldn’t be permitted to prepare the speech as a private person. The defendants, though, asserted that Hinman wasn’t a client of the agency’s lawyers.

The court has charged the securities watchdog with “hypocrisy” for claiming that the statement has no bearing on cryptocurrency regulation while also claiming that Hinman seeks legal help from the SEC. The agency established its legal stances, according to Netburn, “to further its desired goal.”

“The evidence establishes that the predominant purpose of the communications was not to provide legal advice,” the court said.

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