Bill Hinman’s speech has become one of the key considerations in the ongoing legal dispute between the SEC and Ripple. A former director of the regulatory body’s corporate finance division made a speech at the Yahoo Markets Summit in 2018. At that time, he declared Ethereum’s native token ETH unsecured. Ripple stuck to the speech. That’s because we indirectly confirmed that XRP like ETH is not security. This is because it resides in an open, decentralized, unauthorized blockchain ledger.
Ripple has been asking for speech-related documents for quite some time, but the SEC has repeatedly opposed their creation. On July 13, the judge reversed the agency’s attorney / client privilege claim and ruled. “You need to create a document.“”
Currently, in the latest development, the SEC “in honor” of permission to submit a 30-page opening brief and a 10-page reply brief to oppose the judge’s decision and uphold the reasons for not complying with the discovery order. I requested. ..
Previously, the SEC opposed the speech used in the proceedings. Initially, Hinman claimed to have made a speech from a personal standpoint. He then claimed to have received guidance and insight from the regulatory legal team. The above discrepancies have been highlighted many times by Ripple. And for each person in the community, the same gives the defendant an edge. The judge also labeled the SEC’s allegations as hypocritical.Attorney Jeremy Hogan commenting on a similar line Tweet,
“Someone needs to talk to them from the shelves.”
The essence of Amichi status in the Ripple proceedings
Amichi’s position is another important tangent to the proceedings in proceedings. Such status allows individuals to assist in court hearings in some cases and to submit briefs of “friends in court”. Last year, thousands of XRP HOD Lers, led by lawyer John Deaton, filed a motion to intervene in the proceedings. Their motion was rejected, but they gained Amichi’s status. And now, the SEC is terribly succumbing to removing XRP HOD Ler from the big picture and is demanding that the court revoke the above status.
read more – Ripple v SEC: XRP community “looove (s)” latest court ruling
Similarly, John Deaton accused the SEC and Gensler of implementing “detailed plans” against the industry. He tweeted,
“People need to be aware of the smoke and mirrors that the SEC plays in all of this.”
After that, Gensler continued to elaborate on the fictional end-of-game scenario.