The SEC argues to prevent Ripple from disposing of any of its former directors because it “intends to destroy“The defendant’s motion.
Most recently, Ripple first filed a motion with the court to remove William Hinman, the SEC’s former director of corporate finance.
Why does Ripple want to discontinue Hinman?
In the motion, Ripple told the court that they wanted to depose Hinman because he may have some critical information about the SEC’s guidelines and stance on other digital currencies like Bitcoin and Ether, and he may also have some critical information about the agency’s communications with Ripple and parties with the status of XRP know about another, as he held a critical position in the agency.
Answer from the SEC:
In a response letter from SEC attorney Ladan Stewart to U.S. District Court judge Sara Netbrn, it noted that while William Hinman previously held critical positions in the SEC, he had no first-hand insight into the lawsuit and the removal of the former senior official the agency has the burden of pointing out “exceptional circumstances” at Ripple.
The latter stated that if the court upheld Ripple’s motion, the court would judge the former official’s decision-making process, and given if he is[Hinman] was involved in the lawsuit for a long time, it would prove to be “Significant deterrent to qualified civil service applicants”.
Who is William H. Hinaman?
From May 10, 2017 to December 11, 2020, Hinman served as SEC Director in Corporate Finance. In addition, before joining the Federal Service, he was a partner at Simpson Thacher & Bartlett LLP, a Silicon Valley-based corporate finance group.
After leaving the agency in 2020, Hinman rejoined the firm as Senior Advisor.