Judge Refuses Attorney-Client Privilege Claims of SEC: XRP lawsuit

XRP lawsuit is now again in favour of San Francisco-based fintech company Ripple because of the latest decision of judge Netburn. 

Ripple is a San Francisco-based fintech firm that provides international payment services to small and big businesses. The core business operations of this company  operates in the United States. In December 2020, The US Securities regulatory body initiated a lawsuit against Ripple, claiming that the native token of Ripple is a unregistered security. 

In this latest ruling of the Ripple vs US Securities and Exchange Commission (SEC) legal fight, court judge Sarah Netburn rejected the SEC’s attorney-client privilege claims in a blow to the regulatory agency. In this way, the XRP lawsuit concluded that “The documents must be produced.

In response to this statement of Judge Netburn, a famous attorney, James K. Filan, responded and described the decision 

as a body slam.

That decision is what Black’s Law Dictionary defines as a “body slam.”

— James K. Filan 105k (beware of imposters) (@FilanLaw) July 12, 2022

James K closely watches this case of Ripple against the SEC agency and he always keeps sharing about the ongoing activities of this case.

Hinman’s Email Document Role In XRP Lawsuit

The documents, which the SEC agency is trying to hide in every possible situation, include the statement made by former SEC official William Hinman. In the past, Hinman stated that Ethereum is not a security and also explained some facts in favour of his statement. 

Ripple’s defensive attorneys are trying their best to present the document in court to prove that Ripple also falls under the non-security asset class as per Hinman’s point of view. 

Initially, the SEC agency challenged the Ripple company through a lawsuit, which was filed in December 2020. Through the lawsuit, the SEC alleges that Ripple’s XRP token is a Security and also stated that the company violated Securities law because the company sold more than $1 billion worth of XRP unregistered securities publicly.

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