SEC wants more time to handover Hinman speech draft, Repple opposes

The US SEC agency filed another motion. Through the new motion, the SEC agency is looking to get more time to hand over the Ethereum speech document to Ripple. 

Ripple is a San Francisco-based blockchain payment network firm. Ripple firm played a very important role in the world to push the adoption of crypto and blockchain in the traditional payment system and also working with a few Central banks to develop CBDCs. Since one year, Ripple has been facing a lawsuit by the United States Securities and Exchange Commission (SEC). According to the SEC agency, Ripple’s native token XRP is Security, which is not registered with the SEC. And also the SEC claimed that selling $1.2 billion worth of XRP tokens by the company publicly was illegal.

A few days ago, attorneys of Ripple filed a motion against SEC Agency to hand over a speech where SEC official Hinman stated that Ethereum is a digital asset, not Security. The defence attorneys of Ripple want to use that statement on Ripple to prove that XRP is not security like Ethereum. 

Now in the latest, Attorney James K. Filan of Filan LLC shared an update on the Ripple and SEC lawsuit. 

James tweeted that SEC filed another motion right now. Through the first one, SEC wants to extend the time till 17 February and the second extension time to reconsider the submit more documents for in-camera review in support of this lawsuit.

#XRPCommunity #SECGov v. #Ripple #XRP
BREAKING: SEC files motion requesting until February 17, 2022 to file a motion for partial reconsideration of the DPP Ruling & asks to file 20-page brief & to submit more documents for in camera review in support of motion to reconsider. pic.twitter.com/M0ms6njNB2

— James K. Filan (@FilanLaw) January 21, 2022

All these are indicating that the SEC agency wants more time or wants to see is there any chance where the court may bring any restriction on Ripple’s motion to get the Hinman speech draft on Ethereum. 

Filan explained that SEC is asking Judge Torres to wait until 21 days after Judge Netburn rules on the motion for reconsideration before the SEC must file its objections directly with Judge Torres. 

Filan believes that SEC is trying to bring a situation, where it doesn’t need to hand over the speech draft to Ripple.

On the other side Johan Deaton, a lawyer in support of XRP holders in this lawsuit, said that there are chances that SEC’s motion will be rejected by Court Judge Netburn. 

I really hope Judge Netburn denies this motion. She stated it was settled that Hinman’s speech was his personal opinion and NOT an SEC pre-decisional deliberation; and therefore, not covered by the DPP. Allowing this would reward the SEC to talk out both sides of it’s mouth. https://t.co/lUMsU8CRGV

— John E Deaton (@JohnEDeaton1) January 22, 2022

However, a negative point here may enter for Ripple because the whole matter of Hinman’s speech on Ethereum may be settled as a personal statement on Ethereum, instead of SEC pre-decisional deliberation and if it will happen the same then in that situation Hinman statement will not go through DPP. 

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