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HomeNewsImportant News For The Ripple Case: The SEC's Motion For Reconsideration Is...

Important News For The Ripple Case: The SEC’s Motion For Reconsideration Is Declined

The News About The Ripple Case

According to the Case 1:20-cv-10832-AT-SN Document 465 Filed 04/11/22 document that was released yesterday, the SEC’s motion for reconsideration has been DENIED, while its clarification motion has been GRANTED

The Clerk of Court was also respectfully instructed to close the motion at ECF No. 429.

Important Notes By The Judge

The SEC seeks to have it both ways, but the Speech was either intendedto reflect agency policy or it was not. Having insisted that it reflected Hinman’s personal views,the SEC cannotnowreject its own position.The Speech was not an agency communication,andthe deliberations as to its content are not protected by the privilege.

The SEC hasfailed to demonstrate that the Court overlooked any factual matters thatwere put before it in deciding the privilege’s applicability to Entry 9 of Appendix A.Its motionfor reconsideration is denied. However, mindful of the “important public interests” served by theprivilege, the Court agrees that clarificationwill aid the parties.

The Court’s Disagreement with the SEC

Having reviewed the documents, the Court disagrees with the SEC. The SEC’s brief and Having reviewed the documents, the Court disagrees with the SEC. The SEC’sbrief and documents demonstrate that, to the extent agency deliberationsconcerning the regulation of digital asset offerings were occurring at the time of the Speech’s drafting, they were occurring separately and in parallel to the Speech. The SEC conflates emails about and drafts of the Speech that actually “compris[ed] part of” those parallel deliberations with emails and edits that merely mentioned such deliberations or were otherwise relevant to them but not an “essential link.”

The SEC’s Reply

Emails related to and drafts of the Speech are not, as the SEC suggests, analogous to themessaging records inNat. Res. Def. Council v.U.S.Env’t Prot. Agency(“NRDC”).19 F.4th177, 189 (2d Cir. 2021)

Special Thanks To u/FMXRP for sharing the information to the Ripple Subreddit.

For More information the document can be found Here.

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