Following the release of Hinman Speech-related documents to Ripple by the SEC, the latter has moved to file its legal Memorandum in opposition to the Ripple Defendants.
The uncontested evidence demonstrates that the defendants participated in unregistered offers and sales of securities, the SEC stated in the memo. Ripple implicitly admits they will lose the Howey test.
The commission argued that while the defendants’ argument may appear original, it is wholly ineffective. The defendants’ faked test has no legal standing. In this case, the law is on the side of the SEC.
The weight of the Defendants’ Motion cannot be supported entirely by two words from Howey that have been transformed into an artificial test. featured the US SEC. The statement from Ripple and the defendants, it was further stated, entirely disregards the volume of pledges made in public to work to increase the value and liquidity of XRP.
Ripple is not relying on any fact witness testimony. The evidence of the defendants’ experts served as their sole source of support. But the Daubert rule excludes these specialists. Because the facts are unimportant, their request for summary judgment cannot be supported.
After the SEC decided to provide the emails pertaining to the Hinman speech, this action was taken. After a long wait of more than 18 months and six court orders, according to Stuart Alderoty, general counsel of Ripple, they have now obtained the records. He also said that winning the battle to get them was definitely worth it.
The SEC has, however, asked Judge Netburn in a letter to redact two drafts of the 2018 Hinman speech. Judge Netburn has been given the crucial drafts for the motion’s in-camera review. Even the April 11, 2022 order regarding the DPP question was noted by the commission.
