Emails and speech drafts relating to former SEC official William Hinman could be made public in Ripple lawsuit
Notwithstanding the SEC’s desire for them to remain sealed, cryptocurrency lawyer John Deaton believes that emails and speech drafts about former SEC official William Hinman will be made public in the ongoing Ripple lawsuit.
In a series of tweets, Deaton, who has been closely monitoring the ongoing legal dispute between Ripple and the SEC, stated his confidence in the documents’ applicability to other ongoing and upcoming cryptocurrency-related lawsuits.
If Judge Torres cites to or relies on the emails/drafts in making her decision, I am 75% sure that she will declare them “judicial documents” and order that they be unsealed (but with limited redactions). But even if she doesn’t, the emails and drafts are going to be made public.
— John E Deaton (@JohnEDeaton1) March 19, 2023
By the XRP-friendly lawyer, there is a 75% chance that Judge Analisa Torres will deem the emails and drafts to be “judicial documents” and order their publication. Nevertheless, with minor redactions, if she relies on them or utilizes them as proof.
Because of their significance in other situations, such as the action against Dragonchain, Deaton asserts that the documents will eventually be made public even if she doesn’t.
Dragonchain, an ERC20 token governed by the Ethereum blockchain, is likely to try to obtain access to the emails and drafts for their defense, according to Deaton. Dragonchain is now in court. Persistent reports claim that numerous projects have been served with subpoenas and that Wells Notices have been issued to numerous businesses. This means that more enforcement actions, such as those taken against important exchanges like Coinbase, Kraken, and Binance US, are about to be initiated.
Brad Garlinghouse, the CEO of Ripple, responded in a series of tweets after blasting the SEC for what he saw as its apparent inconsistency about disclosure, transparency, and clarity. Garlinghouse claimed that when the truth eventually out, people would be shocked by the “shamefulness” of the regulator’s actions. It is important to remember that Deaton has previously asked for the emails and drafts under the Freedom of Information Act (FOIA) and declared his desire to file a lawsuit.
The potential publication of these emails and speech drafts could significantly impact other cryptocurrency-related cases, providing insight into the regulator’s decision-making process and possibly influencing the results of future litigation. This would be true even as the legal dispute between Ripple and the SEC is still ongoing.
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