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Ripple v. SEC: Major Court Decisions That May Make Direction of Lawsuit Imminent: Fox Reporter

Wed, 06/22/2022 - 13:42
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Tomiwabold Olajide
Fox reporter Eleanor Terrett shares expectations of upcoming court decisions
Ripple v. SEC: Major Court Decisions That May Make Direction of Lawsuit Imminent: Fox Reporter
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Fox reporter Eleanor Terrett shares expectations regarding upcoming court decisions in the Ripple SEC case. According to Terrett, two key decisions are presently being awaited. First, Judge Netburn's decision on whether the Hinman emails and docs fall under attorney-client privilege. Then, second, Judge Torres's decision on the SEC's motion to seal its opposition to CryptoLaw founder John Deaton's request to file an amicus brief on the agency's expert witness, Patrick Doody.

The Fox reporter then shares the scoop that both decisions are now imminent and might be made by the end of the week.

As previously reported by U.Today, the SEC has made numerous efforts to conceal the emails that contained the draft of Hinman's speech. The agency is now attempting to persuade the judge that the documents requested by the defendants are covered by attorney-client privilege after its argument on deliberate process privilege (DPP) was rejected by the court.

Following this, the SEC has been asked to provide 10 documents to assist the court in its decision. Judge Sarah Netburn conducted a conference call earlier in the month to go through the document release.

Fox correspondents Eleanor Terrett and Charles Gasparino indicated that the Ripple lawsuit may ultimately be decided by the speech given by former Securities and Exchange Commission employee William "Bill" Hinman four years ago.

In a critique of the controversial 2018 speech, Ripple General Counsel Stuart Alderoty claimed that the Ethereum speech, which is at the heart of the company's battle with the regulator, had "muddied" the crypto waters.

In a 2018 lecture, former U.S. Securities and Exchange official Willian Hinman declared that Ethereum, the second largest cryptocurrency by market capitalization, was not a security.

In May, CryptoLaw founder John Deaton requested the court to file an amicus brief to participate in a Daubert challenge involving the testimony of Patrick Doody, an expert SEC witness who claimed to understand the factors that led XRP holders to purchase the asset. The U.S. Securities and Exchange Commission then informed the court of its opposition to the amicus request for permission requested by XRP holders.

According to recent updates shared by defense lawyer James K. Filan, Ripple defendants have requested that their response to the SEC's opposition to the amici motion be filed publicly. However, the SEC is expected to submit its proposed redactions to the defendants' response (stating what to seal and what to make public) on June 23.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.