The U.S. Securities and Exchange Commission (SEC) filed its objections to Magistrate Judge Netburn’s Ruling over its assertions regarding Hinman’s infamous Ethereum speech and related documents.
SEC goes against court orders
Attorney Jame Filan informed that the commission has submitted the complete package of its opposition including the declaration of Ladan Stewart and the Exhibits.
The objection mentioned that the court accepted that the commission’s non public communications have no relation to this lawsuit. No market participant including the Defendants has seen the speech drafts related to the internal exchange. The SEC asserts that these drafts stand irrelevant to any claims raised in this case.
It further added that even if they are relevant, the Speech drafts hold confidential deliberations and legal advice. SEC still claims that it is protected by the deliberative process privilege and attorney client privilege.
The commission maintains that Hinman provided guidance to the market participants about how staff in that SEC division would analyze the offered or sale of digital assets.
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Lawyers call it a repetitive process
Attorney Jeremy Hogan said that this was the 4th iteration of what the speech was about. He added now the objections to Torres says that speech is now guidance to market participants. However, this is only from Hinman’s division of enforcement and is not binding on the commission.
XRP lawyer, Deaton argued that if Hinman’s speech was only his personal opinion the market accepted it as guidance regardless of its intent. The authority’s lawyers are not used to fighting back. He added that they don’t know how to respond.
However, Deaton highlighted that the SEC claims that their attorneys applied their legal experience in securities law to guide Hinman. He commented that it is a lot of help for irrelevant personal opinions. While this also wasn’t meant to provide market guidance.
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