E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»Ripple Gets One Over the SEC as Court Orders Production of Ether-is-not-Security Hinman Speech
Crypto

Ripple Gets One Over the SEC as Court Orders Production of Ether-is-not-Security Hinman Speech

By July 13, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

In the ongoing US Securities Exchange Commission (SEC) vs. Ripple Labs case, Magistrate Judge Sarah Netburn, on July 12, dismissed the agency’s appeal for the protection of William Hinman’s speech from disclosure. 

“This argument was previously raised secondarily, with the SEC primarily asserting the deliberative process privilege. The SEC’s motion is DENIED,” she said. 

The court also ordered the production of the documents, which “must be produced.”

What is Hinman’s Speech?

In a speech at Yahoo Market Summit in June 2018, Hinman, who was the Director of the Division of Corporate Finance at SEC at that time, suggested that Ether (ETH) is not a security. Despite its initial coin offering in 2014, ETH transformed from security to non-security, he had said. 

In the SEC vs Ripple case, the Commission accused the blockchain firm of “unlawful offer or sale of securities” and its co-founders Bradley Garlinghouse and Chris Larsen of aiding and abetting the violations. 

However, Ripple Labs refuses to accept the argument that XRP coins were securities. Given this, Hinman’s speech turns out to be an important defense for Ripple Labs in the ongoing legal battle.

For the same reason, the SEC would not want Hinman’s words to be taken seriously by the court. 

SEC Stance Hippocratic: Judge

The judge termed the SEC’s stance hypocrisy for calling Hinman’s opinion personal and, at the same time, seeking protection from its disclosure.

“The hypocrisy in arguing to the Court, on the one hand, that the Speech is not relevant to the market’s understanding of how or whether the SEC will regulate cryptocurrency, and on the other hand, that Hinman sought and obtained legal advice from SEC counsel in drafting his Speech, suggests that the SEC is adopting its litigation positions to further its desired goal, and not out of a faithful allegiance to the law,” the judge said in her ruling. 

Wider Significance

The much-publicized SEC vs. Ripple case holds broader significance as the agency is seeking power to regulate digital assets and legitimize its claim that they must be treated as securities. 

However, for the SEC, the road to regulatory control over digital assets is not easy. A bipartisan crypto regulation bill in the US senate seeks to define digital assets as commodities and favors bringing them under the purview of the Commodity Futures Trading Commission (CFTC). 

Brad Garlinghouse, CEO of Ripple Labs, one of the largest blockchain firms with a significant presence in gross settlements and remittance business, said that if the SEC wins the case, the company would leave the United States.   

Given this, every development in the case is keenly followed in the crypto industry, and Judge Netburn’s ruling is surely one such development.  

“This was not even a nuanced opinion. Judge Netburn tore apart every SEC argument for the attorney-client privilege of the Hinman emails,” Jeremy Hogan, a partner at law firm Hogan & Hogan said in a tweet. 

This was not even a nuanced opinion. Judge Netburn tore apart every SEC argument for attorney-client privilege of the Hinman emails.

That starts the 14 day clock for an appeal to Judge Torres. And if her recent Orders are any precedent, things will move relatively fast. https://t.co/7k6KJx4Lea

— Jeremy Hogan (@attorneyjeremy1) July 12, 2022

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



[ad_2]

Source link

Related Posts

Report With an Eye on Mutual Settlements with China, Russia To Launch CBDC Early Next Year: Report

By September 28, 2022

China Cracks Down a $5.6 Billion Crypto Money-Laundering Scheme (Report)

By September 28, 2022

Binance Launches Training Program For Law Enforcement Agencies

By September 28, 2022

FTX US President Brett Harrison Steps Down

By September 27, 2022
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.