Ripple Vs SEC: Judge Torres Gives Mixed Ruling on SEC’s Request to File Excess Briefs in Connection With Hinman’s Speech

The SEC’s request to file excess briefs in support of its objection to the court’s ruling on Hinman’s speech document was granted in part and denied in part.  

U.S. Magistrate Judge Analisa Torres granted in part and denied in part the SEC’s request to file an excess length brief in connection with the agency’s objections to Judge Sarah Netburn’s ruling on the draft of William Hinman’s speech. 

#XRPCommunity #SECGov v. #Ripple #XRP In connection with the SEC’s Objection to Judge Netburn’s Ruling on the Hinman Speech documents, the SEC’s motion to file a 30 page opening brief was denied (limited to 20 pages), but its request to file a 10-page reply brief was granted. pic.twitter.com/0Isujw2Xci

— James K. Filan ???? 106k (beware of imposters) (@FilanLaw) July 22, 2022

According to the ruling made in the late hours of yesterday, Judge Torres denied the SEC’s application to file a 20-page opening brief. However, it granted the Securities and Exchange Commission’s request to file a 10-page reply brief to Ripple’s forthcoming response to its objections. 

Brawl Over SEC’s Request to File Excess Briefs

Recall that the SEC previously requested to file a 40-page brief in support of its forthcoming objections to three of the orders made by Judge Netburn about the draft of Hinman’s speech. 

The Securities and Exchange Commission noted that the 40-page brief would be divided into two parts – 30 pages for the opening brief, while ten pages will be used to reply to the defendants’ response. 

However, Ripple objected to the SEC’s request in less than 24 hours. Aside from the fact that the SEC disclosed that it wants to object to three of the orders made by Judge Netburn on Hinman’s document ruling, Ripple noted that the agency had not provided a justification as to why its request to file an excess brief should be granted. 

The leading blockchain company called on the court to deny the request in its entirety because it is beyond the stipulated 20-page limit for objections to magistrate Judges’ orders. 

“The SEC’s request for a reply brief is at best premature. The SEC has not even seen the Defendants’ opposition briefing yet, so it cannot possibly have concluded at this stage that there are arguments it has not had the opportunity to address. Nor has it offered any other justification for a reply,” Ripple noted. 

Controversy Surrounding Hinman’s Documents

The speech made by Hinman, the former director of the SEC’s Corporate Finance, where Ethereum was declared a non-security, has become an integral part of the lawsuit. 

Ripple believes the emails used to draft the speech will support its Fair Notice Defense that XRP is not a security. However, all efforts to have the SEC surrender the documents have failed. 

Despite seeing its claims over the speech denied, the SEC is still committed to keeping the documents away from Ripple. 

XRP Investors Hurt

The SEC’s refusal to surrender the documents has continued to hurt XRP holders, who have seen the value of their investments plummet massively. 

As reported by TheCryptoBasic in April 2022, Ripple’s General Counsel, Stuart Alderoty, described the lawsuit as a rug pull against XRP investors. 

Ripple also pointed out SEC’s delay tactics yesterday and urged the court not to allow the agency’s moves to delay the lawsuit from being resolved in earnest. 

Meanwhile, Judge Torres also granted the parties’ request, urging the court to set a deadline by which non-parties can move to seal portions of the Daubert motion.

#XRPCommunity #SECGov v. #Ripple #XRP The Court has entered an Order setting a deadline of July 28, 2022 by which any non-parties must move to seal portions of the Daubert Motions or else waive objections to the Court’s ultimate ruling on the Parties’ sealing applications. pic.twitter.com/4nJwcTzxFS

— James K. Filan ???? 106k (beware of imposters) (@FilanLaw) July 22, 2022

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