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Update: Court forces SEC and Ripple to a conference over Hinman’s document

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US Court Sets Date for Preliminary Hearings in SEC V. Ripple Case 1200x600 1
01
Jun
  • SEC makes a new claim over Hinman’s document which analysts believe could make or break the case.
  • Though Ripple has been scoring major victories in the last few months, there is no end in sight to the Ripple-SEC legal tussle.

Recently, the SEC pulled up the attorney-client privilege regarding Hinman’s document. However, the court is weighing in on the matter. The SEC and Ripple have been locked in repeated arguments and heated debates over access to William Hinman’s documents from 2018.

But now, Judge Sarah Netburn has ruled that the parties schedule a conference meeting where they can iron out all the details about the document. The date for the meeting is June 7, 2022, at 3 pm. The venue would be courtroom 23B, Daniel P. Moynihan Courthouse, 500 Pearl Street, New York City.

The SEC had used the attorney-client rights to prevent Ripple from accessing the Hinman documents. Hence, Ripple and SEC will deliberate on the access to these documents during the conference.

The SEC makes a client-attorney claim over the Hinman document

Despite a court order that the SEC should release the 2018 Hinman document to Ripple, the financial regulator refused. The SEC claims the documents are covered under the attorney-client rights. Following this claim, Ripple filed an objection to the claim.

The court then decided that the best option to resolve the issue was to have a meeting where both parties could discuss the matter. The court further stressed that it is important for all attendees at the meeting to comply with all COVID-19 protocols fully.

Those protocols include arrival at the meeting venue at least 30 minutes before the meeting time. Also, all attendees would be screened before entering the meeting venue. One of Ripple’s legal counsels, James Filan, provided an update on Twitter.

No end in sight to the Ripple-SEC legal battle

The legal battle between the SEC and Ripple continues to linger. Many had expected that the case would be over within a few months after the SEC took legal action against Ripple. Many also thought the case would be over by March 2022 based on the tweets and statements by James Filan.

However, that isn’t the case. Likely, the case might not be concluded this year. If the case isn’t concluded this year, it will be two years since the case started. The William Hinman 2018 speech has been a focal point of the legal case. Hinman, a director at the SEC in 2018, made a strange claim during the 2018 fintech week. He said, “selling ETH isn’t the same as selling a Security.”

However, Ripple’s lawyers argued that the SEC needed to release a detailed version of the speech. The lawyers believe that part of the Hinman speech would exonerate the blockchain from SEC’s allegations against it. However, the SEC continues to deny Ripple access to the document.

The SEC has given various reasons why Ripple can’t access the document. The latest reason is the client-attorney rights. SEC claims that it is invoking this right because Hinman and SEC’s attorneys held a private discussion before he made the speech.

Related: Ripple executives lay out a list of requirements to end the SEC lawsuit

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