The first sentence kicked the next, Ripple made the SEC “silent” in court

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2022-07-19 13:05:41

The latest development in the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple, which has suffered a fatal blow due to its previous argument.

Ripple silences the SEC with evidence related to the statement “ETH is not a security”

On July 13, US Court Judge Sarah Netburn denied the SEC request for attorney-client privilege (a matter of confidentiality in this case). Accordingly, related to internal documents once said by former SEC director William Hinman.

In dismissing the motion, Judge Sarah pointed to the SEC’s inconsistency when he asserted that Hinman’s statement claiming ETH is not a security was a personal opinion, but said the document should be read. defended because Mr. Hinman had received legal advice from the SEC.

“On the one hand, it is hypocritical to argue with the Court that the speech has nothing to do with market understanding of how or whether the SEC will regulate cryptocurrencies, and on the other hand, Hinman sought and Seek legal advice from SEC counsel in drafting your statement. This shows that the SEC is applying its litigation positions to further achieve its desired goal.”

Many speculations from the Ripple community suggest that the manuscript of Hinman’s speech, which the SEC tries to keep secret, could be key evidence to Ripple Labs’ advantage. Because the reason the SEC opened the Ripple case that lasted from the end of 2020 to the present was based solely on the high-profile forcing about senior executives Brad Garlinghouse and Christian Larsen selling XRP as an unregistered security

In response, Ripple stated that William Hinman’s 2018 speech stated that Ethereum does not constitute a securities transaction. This is in stark contrast to the position of the SEC, which has asserted that Hinman’s actions are his personal matter and are not intended to provide general legal advice.

Therefore, with the details this time and the latest decision of judge Sarah Netburn, the advantage seems to be tilted in favor of Ripple in the battle with the SEC, although it continues to be delayed until 2023. In a convincing full speech, that could be the key to Ripple winning the case, potentially setting a precedent for other token issuers.

Before this news was announced, many prominent figures in the industry expressed their joy and support for Ripple. Among them must be mentioned Gabriel Shapiro – general counsel of blockchain research company and fund Delphi Digital when saying that Ripple just had a big win.

Gabriel Shapiro Expresses Excitement For Ripple
Gabriel Shapiro Expresses Excitement For Ripple

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