Hinman’s Speech Not Reflective of SEC, Court Declares on SEC vs Ripple case

In the latest update to the SEC vs Ripple lawsuit, Magistrate Judge Sarah Netburn declared that Hinman Speech, a talk from 2018 delivered by the SEC’s former Director of the Division of Corporation Finance, William Hinman, cannot be considered as a “framework” or “agency guidance.” In his included remarks, Hinman stated why he didn’t consider Bitcoin (BTC) and Ethereum (ETH) as securities. Court Made Its Decision on Hinman’s Crypto Speech On April 11, Judge Sarah Netburn denied SEC’s request to reconsider its order compelling the agency to produce documents and communications related to a speech by previous SEC director William Hinman. Previously, the SEC argued that Hinman’s speech was his own personal views on crypto rather than the agency’s policy. Then, in an attempt to protect SEC notes from reaching the courtroom, the regulatory agency argued that the speech was actually reflective of the agency’s policy, and, therefore, any emails or communications related to it could be protected under the deliberative process privilege (DPP). In the U.S., the DPP allows certain areas of the government to claim immunity to discovery or disclosure if the communications are about internal processes. With such contradicting views, Judge Netburn argued that the agency cannot have it “both ways” in an attempt to overthrow Ripple. “First, the Court disagrees with the SEC that the text of the Speech shows Hinman’s intent to provide a “framewo...