NEW YORK, United States – The XRP team made its reply to the Securities and Exchange Commission’s request that the attorney-client privilege protects William Hinman’s documents. Attorney James K. Filan shared the recent update on his Twitter account.
A letter addressed to Judge Sarah Netburn included important points on the Ripple Team’s response to the complainant’s request. The summary of the points goes as follows: that the attorney-client privilege did not apply to the Hinman documents since the speech back in 2018 was delivered by William Hinman himself while he was still a director in the SEC, and that he was able to do it according to his capacity. Another ground to make the motion inadmissible is that it goes through reviews and criticisms before a speech is made. A legal team reviewed the controversial speech before Hinman delivered it publicly.
Another point that Attorney Filan raised was if the attorney-client privilege applies. It only applies to Willian Hinman personally and not for the use of the Securities and Exchange Commission. He further added that the documents do not contain special or confidential information that would necessitate it to be protected by an attorney-client privilege.
The complainants will give a reply to this counter-objection by May 18th.
Meanwhile, the XRP price went up by 9.81%, which makes up for the loss it incurred on Wednesday and Thursday, which happened after the Ripple team replied on May 13th. Markets were also able to contribute to this upside as they look to move on from the fall down of LUNA and the possible landslide of UST.
Besides XRP, they also added support to USDT or Tether to avoid a possible collapse of another stable coin as it loses parity with the dollar. USDT fell back to the $0.95 level, which was a source of concern for most markets in the crypto industry.