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A big win for Ripple Labs in its lawsuit with the U.S. Securities and Exchange Commission (SEC) after Judge Magistrate Sarah Netburn denied the regulator’ claims for attorney-client privilege on internal documents related to the infamous “Hinman speech”.
The judge denied the motion on July 12, calling out the SEC’s hypocrisy in stating that the speech would be irrelevant:
“The hypocrisy in arguing to the Court, on the one hand, that the Speech is not relevant to the market’s understanding of how or whether the SEC will regulate cryptocurrency, and on the other hand, that Hinman sought and obtained legal advice from SEC counsel in drafting his Speech, suggests that the SEC is adopting its litigation positions to further its desired goal, and not out of a faithful allegiance to the law.”
The ruling continues stating that:
“The documents must be produced.”
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While the U.S. regulator has so far done its utmost best to try to keep the draft of the Hinman speech out of sight, many in the community believe the dismissal of the motion to be a major blow for the SEC and worth of another celebration for Ripple.
According to Judge Netburn things might have been somewhat different if Henman would have ‘just’ been a citizen. Nevertheless, in his position with the SEC he did have access to the information and resources. The judge concluded:
“It was only in the context of his employment that he was able to solicit the edits and feedback he did.”
The SEC will have 14 days to file an appeal.