Sec Lodged Hinman’s Detailed Speech As The Xrp Lawsuit Drags On

  •  The native token of Ripple XRP is trading at $0.3888. 
  • On August 16, SEC filed a detail of Hinman’s Speech. 

The U.S. The Securities and Exchange Commission responded to its lawsuit against Ripple Labs with a brief response in favor of opposing orders requiring the SEC to release a draft of a 2018 speech by the former SEC Director William Hinman.

On Tuesday, August 16, 2022, SEC filed a detailed statement claiming that speech drafts “are not appropriate to any claim or defense in this lawsuit,” and even if they were, the deliberative process privilege highly protects these documents.”

The U.S. Securities and Exchange Commission stated that speech documents are “predecisional” as they reflect SEC staff’s personal views rather than the Agency’s policy.

Ripple Labs developed XRP, also the native token of Ripple, and while writing this, XRP was trading at $0.3888. As per data of The Coin Market Cap, in the last seven days, XRP traded at its weekly highest on August 14, 2022, at $ 0.3909.  

On August 16, the Agency released its brief; after filing an objection on July 27, Magistrate Judge Sarah Netburn’s Last order compelling the SEC to uncover internal Hinman speech drafts. 

According to the reports of The Coin Republic, Judge Netburn pronounced that William Hinman’s documents were not protected by deliberative process privilege. But the Security and Exchange Commission registered a motion stating that most documents are protected by solicitor-client privilege, but Judge Netburn denied the same. 

On August 27, 2021, Ripple filed a motion seeking information regarding whether SEC personnel had purchased and traded bitcoin, ether, and XRP, the latter of which the Agency claims Ripple has been selling in unregistered securities transactions.

The legal procedure between Ripple and SEC started in December 2020; the lawsuit has completed 606 days, but the case is still pending, and the court has not passed its judgment. 

Ripple is fighting harder to survive against the SEC’s allegation, and after 70,100 XRP users joined and supported Ripple. Deaton Appreciated the moment and stated an example of the same in January 2021, only seven holders joined, and slowly the number turned to 70k.   

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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