The judge confirms – The SEC combines failures in its legal tussle against Ripple, which began at the end of 2020. Despite itself, the regulator will have to stick out the stick to be beaten.
The SEC has it both ways
Sometimes the SEC considers the speech of William Hinmanits former director of the Division of Corporate Finance, as constituting a personal opinion without professional value. Sometimes the regulator describes it as being a document that comes under his functions within the agency, and that the law on the confidentiality of internal deliberations for the development of policies or decision-making should thus protect.
At the time, William Hinman emphasized in his speech that “current Ether bids and sales are not securities transactions”.
Ripple’s lawyers want to use these words against the SEC, trying to demonstrate the applicability of this reasoning to XRP tokens, which would therefore not be securitiescontrary to the thesis that the agency defends.
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Ripple against SEC: the regulator on the ropes
In July of last year, Judge Sarah Netburn denied the SEC’s request that William Hinman’s testimony be protected and simply not considered in this case.
However, the SEC did not admit defeat, and opposed this decision by submitting a request to Judge Analisa Torres. However, the regulator has just suffered another failure. On September 29, the judge ordered the agency to produce the documents related to this depositionwhich could therefore constitute a contradictory argument to his complaint.
Barring yet another twist in this legal saga, the commission will therefore ultimately have to provide Ripple with the emails and memos relating to this discourse of discord.
The SEC and Ripple have both filed for summary judgment, a move that could be seen as the beginning of the end of this court war. Ripple has earned points, winning decisive battles. Nevertheless, the SEC also seems convinced, at least on the surface, of the merits of its arguments.
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