According to Ripple General Counsel Stuart Arderoti in a tweet on Oct. 20, the US SEC has filed documents with former Chief William Hinman to Ripple (XRP).
After more than 18 months and six court orders, Hinman’s dossier—an SEC internal email and a draft of his infamous 2018 speech—is finally complete. They remain classified for now (as the SEC claims), but it was well worth the fight to get them.
— Stuart Alderoty (@s_alderoty) October 20, 2022
The crypto firm also opposed the SEC’s motion for summary judgment.
Ripple Confirms Receipt of Hinman Documents
Arderoti Confirmed It said the battle to obtain the documents (18 months and six court orders) was worth it. A draft of the 2018 speech is included.
In the meantime, the documents will remain confidential, but Arderoti’s tweet suggested that the documents made the company’s defenses stronger, making its victory all but certain.
Regarding the development, Ripple CEO Brad Garlinghouse said the SEC’s actions were shameful.girling house Said:
“I want you to think that the SEC cares about disclosure, transparency and clarity. will shock you.
Ripple Opposes SEC Motion For Summary Judgment
In another development, Ripple is submitted Opposing the SEC’s motion for summary judgment, the panel argued that it had failed to satisfy the Howey test by demonstrating that its common corporate theories all amounted to broad vertical commonality.
The cryptocurrency firm continued that the SEC failed to demonstrate that XRP holders reasonably expected to profit from its efforts. submitted a signed affidavit From XRP users who said they didn’t expect to profit from Ripple’s efforts.
Ripple added that simply expecting a profit is not enough to secure an investment deal, even if the user expects a profit. The company also said the SEC was unable to prove that the XRP sale was made under U.S. law.
Ripple wrote:
“U.S. securities laws do not apply extraterritorially. Therefore, the SEC bears the burden of proving the domesticity of all offers to sell and sell XRP.”
Meanwhile, attorney Jeremy Hogan expressed “Ripple does not assert a fair notice defense, but argues that the fair notice defense is a matter of fact to be tried by a jury.”
ripple price drop
Despite the positive news in support of Ripple’s lawsuit against the SEC, the value of XRP has fallen about 4% to $0.44 within the past 24 hours.
According to community members, the fact that Ripple’s latest effort has not had a positive impact on the value of XRP Evidence Contrary to SEC Claims. ”
One of the biggest events of the last 18 months $XRP in the production of #hinman Still the price doesn’t move.
more evidence to the contrary @SECGov The argument that prices are affected @Ripple Effort.
— Liam | Coinpresso (@LiamCryptoSEO) October 21, 2022
