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What SEC Will Do Next After Losing Objection? Attorney Explains

Judge Analisa Torres on Friday announced a big win for Ripple and Defendants in the XRP lawsuit. The court overruled the US SEC’s objection. While it ordered the commission to turn over the crucial Hinman speech documents.

What SEC needs to do now?

Earlier, Judge Sarah Netburn refused the SEC’s attorney-client privilege claims over the speech related documents. While the commission objected to the order by mentioning that the defendants misrepresented their claim over the documents.

Attorney James Filan shared the options which SEC might exercise after this loss. He mentioned that the commission has a number of procedural cards that it can play in order to delay complying with the order. However, this is not the first time that the SEC is applying these delay tactics.

The first option will be to ask Judge Torres to reconsider the court’s order. The order rejects the SEC’s assertion. However, the second option can be applying the motion for reconsideration. The commission just needs to ask her to certify an appeal of the decision the Court ordered.

Meanwhile, there is the third option left for the commission. The SEC could go to the court of appeals directly on a petition for a writ of Mandamus. However, Filan mentioned that before there was a low probability of applying these options.

Is this a win for a Ripple?

However, the SEC wants to delay producing the Hinman related documents. Attorney highlighted that they may try any or even all of these remaining options. Meanwhile, if SEC goes for these options then it would take an extra 2 to 3 months to work them out.

He added that these delay tactics will not delay or even impact the summary judgment schedule or its results.

Ripple’s counsel said that they are pleased by the sixth and hopefully final decision over this matter.

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 9/30/2022

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