XRP Lawsuit: Ripple Calls Out SEC Delay Tactics, Opposing Request to File Additional Briefs on Hinman Emails

Ripple

Ripple calls out SEC delay tactics while opposing the latter’s request to file additional briefs on privilege assertions

In a recent filing Submitted by Matthew C. Solomon on behalf of Ripple and its defendants, Ripple calls out the SEC’s delaying tactics while opposing the SEC’s request to file additional briefs on the assertions of privilege. The agency had asked to file an additional brief supporting its claims that internal documents related to former SEC official William Hinman are protected from disclosure by solicitor-client privilege.

Ripple states, “The SEC requests leave to file what they term a ‘reply,’ but . . . this would be at least the SEC’s 6th filing in opposition to Defendants.”

He further states: “At this point, the SEC has had more than ample opportunity to assert and support its various assertions of privilege. Discovery was closed months ago and the parties are on the eve of file motions for summary judgment. Further delay is detrimental to defendants.”

In a continuous bid to prevent the emails from being disclosed, “The SEC now claims . . . that the last year of briefings, oral argument, the Court’s decisions, and their motion for reconsideration, were all an academic exercise because it turns out that the documents (every single one of them) are privileged attorney-client communications,” the note reads.

Earlier, the SEC told this court that it was going to make new assertions of privilege in a last-ditch effort to avoid the publication of emails related to the 2018 Ethereum speech by William Hinman, the former director of the division. of SEC Corporate Finance.

According to updates shared by defense lawyer James K. Filan, Ripple defendants have requested an extension until Friday, May 13, to respond to the SEC’s renewed assertions over the former SEC official’s emails.

Despite the apparent delays in the lawsuit, Ripple is reporting record growth, with 8x annual growth in ODL volumes according to the recently released Q1 2022 report. RippleNet reached an annualized payment volume rate of $15 billion as customers expanded the use of RippleNet and ODL beyond remittances (including Treasury and SME payments).

As shared by RippleNet GM, Asheesh Birla, APAC was one of the biggest contributors to ODL dollar volume – totaling over $1 billion in Q1 alone. Ripple’s ODL now enables payouts in 25 markets.

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