The tussle for regulatory clarity for the crypto industry continues as Ripple and the SEC take to court. Ripple has filed an objection to the SEC’s recent request for more time to contest the recent ruling of the presiding judge in the case, Judge Sarah Netburn. Ripple argues that the SEC is just trying to prolong the case and contradict itself with its latest move.
Now, SEC is not allowed to make new arguments, says Ripple
Ripple’s defendants responded to a recent petition filed by the Securities and Exchange Commission (SEC) with a zero. The SEC has filed a motion to challenge Sarah Netburn’s ruling that certain important documents cannot be protected by Intentional Process Privileges (DPP) and must be turned over to Ripple.
The aspect of the ruling that the SEC most strongly opposes in the petition it filed is that highly controversial emails containing drafts of Bill Hinman’s speech were circulated within the committee, known as section 9 in background of the case. The SEC’s motion asks the court for more time to present supporting documents proving that the aforementioned emails were intentional.
The SEC respectfully submits that these additional documents clarify the truly intentional nature of the discussions surrounding the Speech throughout the SEC., the SEC’s proposal states.
Ripple argues that the SEC is contradicting itself because it has long maintained that Hinman’s speech is his personal opinion.
…The SEC clearly intends to contest contrary to its repeated assertions and sworn statements that Director Bill Hinman’s June 2018 speech represents only his personal views, Ripple notes.
Ripple’s legal team also indicated that the SEC was given sufficient time to present the documents before the ruling was rendered, but failed to do so. They assert that the SEC cannot be authorized to do so now because it goes against legal precedent.
Despite the opportunity to argue in the previous press conference and argue that Section 9 and similar documents relate to the agency’s regulatory considerations of Ether or broader digital assets, it did not. It can’t do that now, Ripple’s Movement Claims.
Hinman’s speech controversy continues
Members of the Ripple community and holders of the disputed XRP token removed Hinman’s speech to point out that contrary to the SEC’s statement that it was Hinman’s opinion, it appears not so.
Staunch XRP supporter John Deaton recently pointed to an interview Hinman did for CNBC after the keynote, where he used “we” repeatedly while referring to how the claims which he stated in his speech. Community members who flagged the ruling for the SEC to submit a draft of the speech are now asking why the SEC would oppose the ruling if the speech doesn’t reflect their stance.