Ripple vs SEC: suit isn’t settling anytime soon, Hinman deposition ain’t accessible

  • The curious case of Hinman deposition has created major excitement in the XRP community.
  • The SEC’s continuous rebuttal and objection lead many to believe that the regulator has something to hide.

The Ripple vs SEC lawsuit over the alleged distribution of XRP as securities has been taking an interesting turn. Experts in the industry have weighed their opinions recently and it turns out that the case isn’t coming to an end anytime soon.

A former federal prosecutor and defense lawyer James K. Filan noted that neither of the two parties will be giving up anytime soon. Speaking in regards to the Hinman deposition, Filan added that he doesn’t believe the Hinman deposition went forward. The deposition reportedly happened a few days ago on Tuesday, July 27.

William Hinman, the former director of the division of corporate finance at the U.S. SEC had declared Bitcoin (BTC) and Ethereum (ETH) as securities, back in 2018. Thus, Ripple has been basking on this matter and holding the SEC against its verdict that BTC and ETH are not securities.

In its argument, Ripple noted that Hinman has “unique first-hand knowledge about the SEC’s communications with third parties and about the agency’s adoption or approval of his well-publicized speech in 2018 about the regulatory treatment of cryptocurrencies.”

Thus, if Ripple can know to whom Hinman talked, it could unlock a jackpot for the blockchain startup. Filan believes that Ripple has got names with whom Hinman has come into contact. The former federal prosecutor further notes that “Ripple is out there interviewing those people”.

Filan also notes that this has turned to be the battle of punishing the opposite party. Thus, it becomes the battle of prestige and ego for both the SEC and Ripple. The defense lawyer believes that the settlement, in this case, isn’t coming anytime soon.

Will William Hinman’s statements become public ever?

Attorney Jeremy Hogan, who is popular within the XRP community, has explained the situation in its entirety. Hogan believes that Hinman’s statements are likely to become public ahead of time. However, there will be some exceptions to the release.

Previously, both parties had agreed on how to conduct the deposition. However, the SEC later resolved to stiff resistance which led many to believe that the securities regulator has something to hide.

Sharing his view about the sworn testimony of Hinman, Ripple attorney Hogan also believes that it never took place. He said:

First, I don’t think the deposition of Director Hinman took place this last Monday. If it had, where is the transcript to be filed under seal for an in-camera review by the Judge and where is the motion to compel Hinman to answer certain questions?

The Attorney also pointed out how the SEC was desperate for the case not to move forward. It will be interesting to see how the case proceeds further.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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