SEC v. Ripple: Court orders conference call on Hinman documents on June 7

Rick Steves

“The danger option for Ripple is if Netburn allows SEC a “do-over” in the sense that she forces it to choose, once and for all whether Hinman speech was personal or on behalf of SEC (as it has quasi-argued at various points).”

US Magistrate Judge Analisa Torres has scheduled a conference call for Tuesday, June 7, at 3:00 pm EST, to “discuss the SEC’s renewed assertion of attorney-client privilege as to internal documents related to then-Director Hinman’s June 14, 2018 speech”.

The in person conference call will take place in Courtroom 23B, Daniel P. Moynihan Courthouse, 500 Pearl Street, New York, New York. For the time being, there is no mention of call-in information for the public. The call could be exclusive for in-person assistance.

“She wants to politely rake SEC”

Fred Risponi, an this unusual hearing setting”:

“First, an in-person hearing allows certain privacy. In courtroom will be on the record, but J. Netburn can also take [attorneys] back to her office (“in chambers”) for off the record discussions.

“Nothing prevents her from ruling [without] a hearing, so why order one? My gut tells me she wants to *politely* rake SEC over the coals for such a s***show of motion practice on this issue.

Force SEC to take positions it cannot waffle on later. In chambers she could also alert Ripple in front of SEC that emails are terrible for SEC. She could also let SEC know that Torres is highly unlikely to overturn Netburn’s decision.

“The danger option for Ripple is if Netburn allows SEC a “do-over” in the sense that she forces it to choose, once and for all whether Hinman speech was personal or on behalf of SEC (as it has quasi-argued at various points). This is unlikely [in my opinion], but would give SEC a chance to save face while simultaneously pushing the dagger further into the SEC on [Fair Notice Defense] (and it’s already pretty deep up there).”

Jeremy Hogan, a popular attorney within the XRP community, also commented on the court’s order: “I think the Judge read the SEC’s final brief and found it so…incredible (shall we say) that she decided to bring them in, in-person to explain the argument and create a clear record since she knows she’s being appealed on her decision.

The conference call will be transcribed, but it is unknown when the transcript will be released. “Remote public access for in-court civil proceedings is still authorized and may be provided on a case-by-case basis, but we don’t yet know whether Magistrate Judge Netburn will authorize it”, said attorney James K. Filan, also following the SEC v. Ripple case.

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