The latest going on with Ripple case: SEC requested an extension & reconsideration of DPP
According to a lawyer who closely follows the lawsuit between Ripple and the U.S. The Securities and Exchange Commission (SEC), James K. Filan of Filan LLC, has the following updates on the Ripple and SEC lawsuit. Accordingly, following the previous ruling on January 13, the SEC has now filed two petitions. And here’s why.
Ripple vs SEC: Here’s why SEC requested an extension & reconsideration of DPP
After the previous ruling on 13 January, the SEC has now filed two motions. The first motion is addressed to Judge Netburn to extend the regulator’s motion filing date to 17 February from 27 January 2022.
The SEC seeks partial reconsideration of only a single aspect of the Order, relating to drafts
and emails in connection with a June 14, 2018 speech by Director Bill Hinman (the “Speech”). Ripple has objected to the SEC’s request.— James K. Filan ???? (@FilanLaw) January 21, 2022
In the January 13 ruling, the judge made the recommendation in the part where Ripple Labs is seeking documents from the SEC. The documents include a draft of former Director Hinman’s 2018 speech. The SEC has asserted that these documents are protected by purposeful process privilege (DPP).
It’s worth noting that the content of the speech was deemed crucial to the case as it included the director’s “personal” views on Ether not being a security. Now, it looks like the SEC is buying time for the delivery of this draft by seeking a partial review of the Order, despite Ripple’s objections.
Along with that, the SEC also filed an extension with Judge Torres as part of the second motion.
Filan explained that what the SEC is doing is asking Judge Torres to wait until 21 days after Judge Netburn issued the review request rule before the SEC has to file a direct objection with Judge Torres. . As all requests for reconsideration and objections must be filed within 14 days of the original ruling, the regulator is asking for more time.
Meanwhile, John Deaton, the attorney representing XRP holders in the lawsuit, expects the SEC petition to be rejected.
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