Ripple persuades the SEC not to withhold the draft Ethereum speech

Ripple has asked the court to deny the SEC's request for an extension of time to file a motion for reconsideration of the recent deliberative process ruling.


Ripple Keeps Demanding Ethereum Docs from SEC
Ripple vs SEC | Image: Optimisus

The SEC claims that granting the requested relief will have no effect on any existing deadlines. According to reports, the discovery deadline has been pushed back to February 18.


Defendants, on the other hand, claim that any further delay would be detrimental to them, accusing the plaintiff of taking a "wait-and-see" approach in order to postpone the production of documents that could potentially be crucial to the case.


On January 13, Magistrate Judge Sarah Netburn granted the defendants' motion to compel the SEC to produce documents that the SEC had withheld due to deliberative process privilege, which allows government officials to withhold pre-decisional records.


Among other documents, the SEC has been ordered to produce an internal e-mail containing a draft of former director William Hinman's now-infamous speech, in which he declared that Ethereum, the second-largest cryptocurrency, was not a security.


Since the beginning of its legal battle with the SEC, Ripple has been complaining about a lack of regulatory clarity, and it is determined to find out why the regulator began "picking winners and losers."


Ripple began looking for documents related to Bitcoin and Ethereum shortly after being served with the lawsuit in December 2020, filing a Freedom of Information request in January of this year.


The defendants successfully forced Hinman to testify about the speech in July. The former SEC official stressed that the speech was his personal opinion and did not represent the agency's views.