{"id":23620,"date":"2022-07-22T12:04:42","date_gmt":"2022-07-22T12:04:42","guid":{"rendered":"https:\/\/egrowonline.com\/?p=23620"},"modified":"2022-07-22T12:04:42","modified_gmt":"2022-07-22T12:04:42","slug":"sec-re-digs-heels-refrains-from-handing-over-hinman-docs","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=23620","title":{"rendered":"SEC re-digs heels; Refrains from handing over Hinman docs"},"content":{"rendered":"


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Bill Hinman\u2019s speech has become one of the critical considerations upon which the ongoing legal tussle between the SEC and Ripple has been resting. The former Director of the regulatory body\u2019s Division of Corporation Finance made a speech in 2018 at the Yahoo Markets Summit. Back then, he had declared Ethereum\u2019s native token ETH not to be a security. Ripple clung to the speech, for it indirectly affirmed that XRP\u2014like ETH\u2014ain\u2019t security, for it exists on an open, decentralized, permissionless blockchain ledger. <\/p>\n

Ripple has sought documents relating to the speech for a reasonably long time, but the SEC has repeatedly opposed producing them. On 13 July, the judge quashed the agency\u2019s attorney-client privilege claims and ruled \u201cthe documents must be produced.<\/a>\u201c<\/p>\n

Now, in the latest development, the SEC has opposed the judge\u2019s ruling and has \u201crespectfully\u201d requested permission to file a 30-page opening brief and a 10-page reply brief in support of why it does not want to comply with the disclosure order. <\/p>\n

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#XRPCommunity<\/a> #SECGov<\/a> v. #Ripple<\/a> #XRP<\/a> The SEC has requested permission to file a 30-page opening brief and a 10-page reply brief in support of the SEC’s Objections to Magistrate Judge Netburn\u2019s Ruling Ordering the SEC to the disclose the Hinman Speech documents. Ripple objects. pic.twitter.com\/We1PtV0t24<\/a><\/p>\n

\u2014 James K. Filan 🇺🇸🇮🇪 106k (beware of imposters) (@FilanLaw) July 21, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Previously, the SEC argued against the speech used in the lawsuit. Initially, it contended that Hinman made the speech in a personal capacity. It later flipped to claim that he had received guidance and insight from the regulator\u2019s legal team. The said discrepancy has time and again been highlighted by Ripple. And per people from the community, the same give the defendants an upper hand. The judge, on her part, also labeled the SEC\u2019s arguments to be hypocritical. Commenting on similar lines, attorney Jeremy Hogan tweeted<\/a>,<\/p>\n

\u201cSomeone needs to talk them off the ledge.\u201d<\/strong><\/p>\n

The essence of amici status in the Ripple lawsuit<\/h3>\n

The amici status has been another crucial tangent to the ongoing case. This status, as such, grants individuals to assist in court hearings in some instances and\u00a0enables them to file \u201cfriends of the court\u201d briefs. Last year, thousands of XRP HODLers, led by attorney John Deaton submitted a motion to intervene in the case. Even though their motion was denied, they did receive the amici status. And now, the SEC has been hell-bent on eliminating XRP HODLers out of the picture and has requested the court to revoke the said status. <\/p>\n

Read More \u2013<\/strong> Ripple vs. SEC: XRP community \u201clooove(s)\u201d the latest court ruling<\/strong><\/a><\/p>\n

Following the same, John Deaton accused the SEC and Gensler of implementing their \u201cdetailed plan,\u201d which was unfavorable to the industry. He tweeted,<\/p>\n

\u201cPeople need to realize the smoke and mirrors being played by the SEC in all of this.\u201d <\/strong><\/p>\n

Gensler then continued elaborating on a hypothetical end-game scenario. <\/p>\n

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@GaryGensler<\/a> & the SEC have a detailed plan being executed. It was implemented long ago. There are different stages to the plan. People need to realize the smoke and mirrors being played by the SEC in all of this. https:\/\/t.co\/WMIrDBVrBD<\/a><\/p>\n

\u2014 John E Deaton (207K Followers Beware Imposters) (@JohnEDeaton1) July 22, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<\/div>\n


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Bill Hinman\u2019s speech has become one of the critical considerations upon which the ongoing legal tussle between the SEC and Ripple has been resting. The former Director of the regulatory body\u2019s Division of Corporation Finance made a speech in 2018 at the Yahoo Markets Summit. Back then, he had declared Ethereum\u2019s native token ETH not […]<\/p>\n","protected":false},"author":1,"featured_media":23621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[45],"tags":[3618,9949,9947,9950,9946,9948,605],"class_list":["post-23620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-docs","tag-handing","tag-heels","tag-hinman","tag-redigs","tag-refrains","tag-sec"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/07\/Screenshot-1944-04-31-at-1.50.03-PM.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/23620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23620"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/23620\/revisions"}],"predecessor-version":[{"id":23622,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/23620\/revisions\/23622"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/23621"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23620"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}