The US Securities and Exchange Commission’s (SEC) lawsuit against Ripple Labs continues. The SEC strongly opposes the release of drafts of Willian Hinman’s controversial speech. But this effort seems to be futile. Here are the current developments in the XRP case.
In a heated development, the SEC moved to appeal again the court orders mandating the release of drafts of Hinman’s speech. The SEC has asked presiding judge Sarah Netburn for permission to prepare a 30-page opening briefing and a 10-page response brief to support their objections.
William Hinman, a former SEC executive director, is a key figure in the case. The speech that Hinman made while working for the SEC that ETH is not a security is used by Ripple (XRP) as one of the most important arguments in this case. Hinman made the ETH announcement while serving as a director in the Corporate Finance Division at the SEC. Ripple suggests that this statement also applies to XRP.
The SEC says it can neither confirm nor deny that the person speaking in the video is actually Hinman. However, when internal documents were requested to establish the authenticity of the conversation, the SEC made a move to keep the documents confidential, citing attorney-client privilege.
In addition, Ripple company requested from judge Netburn to reveal transcripts of speeches and correspondence within the SEC regarding the Hinman speech.
Most recently, on July 12, the judge rejected the SEC’s move to keep the Hinman speech secret, calling the proposal hypocritical. But the SEC doesn’t seem to have given up and is resisting.
As long as the documents in question can convince the court that Hinman was speaking under the authority of the SEC and that the speech was not “a purely personal business,” Ripple would have won a significant victory.
Finally, the high-tension legal fight between the SEC and Ripple is expected to continue into 2023.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.