Following the court’s decision, legal representatives of Labs and SEC will be meeting via conference call today.

The call is expected to end the SEC’s attempts to delay the production of key documents related to the 2018 speech made by former SEC Chief William Hinman. Ripple believes that the emails and other documents relating to Hinman’s speech could change the trajectory of the case.

According to attorney James K. Filan the conference call will take place today at 3:00 EST. Authorized lines will also be available to those who want to listen.

#XRPCommunity vs. #Ripple Below is the link. pic.twitter.com/53J23uMgzV

— James K. Filan 101k+ (beware of imposters) (@FilanLaw) June 1, 2022

Ripple labs and the United States Securities and Exchange Commission started their legal fight at 2020’s end. According to the governmental regulator, Ripple Labs’ CEO Brad Garlinghouse and Christian Larsen, co-founders of Ripple Labs had unregistered XRP worth $1.4 billion.

Why Hinman is so important

The legal saga has dragged on for months, but, at the beginning of January 2022, the court ordered the SEC to provide access to Hinman’s emails and documents, which Ripple believes could potentially change the course of the lawsuit.

Back in 2018, William Hinman, the Director of the SEC’s Corporate Finance Division at the time, participated in a fintech conference in which he declared that “offers and sales of Ether are not securities transactions”.

The speech triggered a price spike for ETH and was interpreted as an endorsement of the industry’s view that digital currencies are not securities.

It was later revealed that Hinman received financial payments in the millions from Simpson Thacher, his former law firm, who acted as representatives of several crypto-related customers, such as Enterprise Alliance. The official documents revealed that Hinman’s former employers had paid him more than $15 million over the course of 4 years that he was working for the SEC.

But, so far, the SEC refused to allow access, saying that the information is protected by attorney-client privilege. This gives the SEC the ability to protect the lawyer-client communication confidentiality.

The government agency was therefore questioned as to the authenticity and denied any claims.

Ripple supporters believe that the SEC is deliberately delaying the process, which could potentially see the case go against the regulator if the documents and recordings of Hinman’s speech were to be disclosed for defense.

The speech of the biased former SEC executive may reveal crucial information about the SEC’s deliberations on cryptocurrencies and become a deciding factor against the SEC’s claim that XRP tokens should have been classified as securities.

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