The XRP litigation is currently in a critical stage, and Ripple’s legal counsel is relying on a speech given by former SEC director William Hinman in 2018.
The Ripple versus SEC litigation is nearing its conclusion, and with settlement speculation still strong, Ripple CEO Brad Garlinghouse cleared the only criterion that would have forced the company to settle with the SEC: the SEC’s approval. Garlinghouse spoke on the Fox network to discuss the need for clarity on security rules from the SEC.
He also made it plain that they would only proceed with the settlement if the SEC agrees that XRP is not a security akin to Ether. He went on to say,
“To the extent, we can find a constructive path forward with the SEC, we, of course, want to find that. There is no scenario though when we going to settle unless there is absolute certainty about what is XRP on a go-forward basis. We have a clear vision of how XRP can be an extremely powerful tool…There’s a lot of other people in the crypto community and the XRP community doing amazing things with XRP. “
Ripple claims that the SEC gave Ether, the second-largest cryptocurrency, a pass since it performed an ICO, which is similar to how XRP did. The SEC, on the other hand, believes Hinman delivered the speech in his personal capacity and therefore it cannot be used against him.
The @Ripple Effect #RelistXRP Rt…123#XRPARMY #xrpcommuity #xrpthestandard #cryptocurrency #blockchain #cryptocurrecy @CGasparino pic.twitter.com/5KdtZ0cydk— ƝƠƬƠƦƖƠƲƧҲƦƤ 🦋 (@INotoriousxrp) September 25, 2021
The XRP community is certain that Ripple will win the case
The XRP community is regarded as one of the most powerful crypto communities, and they have found a number of documents and speeches given by SEC executives in 2018 following Hinman’s speech to show that the SEC did not give Ethereum a free ride. The XRP community also accused the SEC of benefiting personally from the decision.
In the newest step in the XRP litigation, Ripple has submitted a move to investigate three additional documents for in-camera examination, including an email chain, based on a privilege log provided by the SEC following the August 31, 2021 telephone conference.
According to the email correspondence in question, the SEC requested that third parties utilize Hinman’s speech to assess digital assets. Given the SEC’s argument that Hinman’s statement was made in his personal capacity, this is a significant disclosure.
JUST getting back into this case and….WTF (legal term).The SEC sent an email to a third party telling them to analyze a digital asset using the factors in the Hinman speech; which speech was just his personal opinion.I understand now – it’s the SEC that NEEDS CLARITY! https://t.co/7BpioSmk1i— Jeremy Hogan (@attorneyjeremy1) September 24, 2021
Given the blatant evidence and several lies told by the SEC during the ongoing lawsuit, the XRP community is confident that Ripple will win.
