The US SEC has appealed to withhold documents from Hinman’s speech from the ongoing Ripple case, sparking outrage in the crypto community.
What was Hinman’s speech about?
William Hinman, former director of the Division of Corporate Finance at the US Securities and Exchange Commission (SEC), once discussed the application of US securities laws to digital assets. His talk is referred to as Hinman’s speech, referring to the Ripple-SEC case.
Speaking at the 2018 Yahoo Finance All Markets Summit, Hinman provided guidance on how the SEC will approach regulation of digital assets, including Bitcoin And Ethereum, He said, in particular, that digital assets should not be considered securities and, therefore, should be subject to the regulatory framework for securities.
In the current case against the SEC, Ripple is using Hinman’s speech as key evidence to provide clarity on how the SEC has approached regulation of digital assets.
SEC vs Ripple: Recent Developments
On December 22, the SEC motion filed Hinman’s speech to seal the documents. In addition, the SEC also requested that the documents be redacted from the defendants’ papers. Some of the SEC’s requests for extraction include the identity and credentials of SEC officials, as well as personal and financial SEC data.
The request for correction of information on the SEC’s expert witnesses and internal documents comes weeks after Ripple released them. final litigation On December 2 against the Sec. Ripple and the SEC have been in a two-year-long court battle. their friction has also increased offensive tweetRipple highlights SEC oversight of Wells Fargo’s alleged mismanagement of consumer funds.
Ripple and the SEC also previously filed a joint motion more time for trial,
On October 21, Ripple reported that it had received Access to Hinman Speech Documents, Despite this, the SEC insisted that the documents remain secret due to their sensitive nature.
In an earlier case, the courts rejected the SEC’s request to keep the Hinman records confidential. US judge criticizes SEC for acting fraudulently by asking it to withhold evidence documents. cardano
Ripple insisted that Hinman’s speech was an important piece of evidence that would help its case with US regulators. Therefore, it should not be stopped and considered irrelevant. Ripple CEO Brad Garlinghouse mocked SEC Chairman Gary Gensler for pursuing his company while completely ignoring the FTX case.
The SEC’s proposal has drawn criticism from the crypto community and XRP Supporter. Some point to corruption in the agency and claim that Ripple will eventually win the case.
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