SEC-Ripple’s clash over the deposition of one of the agency’s former directors continues as SEC files another motion to prevent the court from granting Ripple its intended motion.
SEC Urges the Court not to grant Ripple’s disposition Motion:
In response to the defendant’s earlier letter to the court, SEC counsel has filed the reply with the US district court judge Sara Netburn.
In the letter, counsel Ladan Stewart firstly dismissed Ripple’s proposition that it is SEC that should come up with a reason for what they want to stop the firm from taking the testimony of its former official.
Counsel Stewart stated that it is Ripple that bears a heavy burden of demonstrating exceptional circumstances that could adequately justify the need for the deposition of William Hinman, SEC’s former director for the corporate and finance division.
Stewart said that because the defendant wants to use the deposition transcript to portray to the court that the federal agency is not qualified to assert a deliberative process privilege, it wants to question Hinman for hours, where federal lawyers instruct him[Hinamn] not to answer. The Federal Counsel further stated:
“This strategy is not an ‘exceptional circumstance’ justifying the deposition of a high-ranking SEC official… as virtually every agency enforcement action involves pre-enforcement, pre-decisional privileged deliberations.”
It is notable here that in the earlier letter, the council wrote to Judge Sara Netburn, he asked the court to hold Ripple’s deposition motion as, if, Ripple is granted the fair notice motion, the deposition motion would become irrelevant.
Why Ripple Want to depose Hinman:
Despite the notion that Ripple believes Hinman got some first-hand information concerning the lawsuit, the deposition motion is essentially based on the speech that Hinman gave at an event, a couple of years ago.
In his speech, Hinman; who was the SEC director at that time, said that he believes, Bitcoin and Ethereum are not securities. The question that Ripple has been raising for a long time now is: To what extent, and how, does the agency distinguishes XRP from BTC and ETH.
It is of great significance here that, a couple of weeks ago, Hester Peirce; one of SEC’s commissioners, stated that XRP does not have to be security and the lawsuit is all about the way that the coin was sold.
Now it is rather plausible that such a statement coming out, amidst of aforementioned context, of agency’s ranks would certainly cause SEC to worry.
Spike in Market’s Volatility as $2.5 Billion Worth of Bitcoin Options Expires Today
Bitcoin ‘Solidifies’ Support At $58K As Volatility in the BTC Falls to a 7-month low.
Another Country Partnered with the Ripple to Assist them in Building CBDC
DOGE Not Good for Crypto as it has “Inflationary Dynamics”, CEO Ripple Brad Garlinghouse.
CryptoGames, The Unsurpassed Competitor in the Crypto Gambling Industry
Recent Press Release
Bitcoin As a Prototype of Central Banks
Bitcoin is a computerized currency that “utilizes decentralized technology to work with no centralized system or financial firms,” according to...
Hitches that cryptocurrency can pose to the financial sector
New upcoming companies are increasingly engaging in accessing the bitcoin market. After focusing for generations on bitcoin’s capabilities, prices, operational...
Bitcoin Address- A brief overview
Anyone who wants to buy or sell anything using Bitcoin must send money from a specified location, akin to how...
Why should you prefer Blockchain Technology?
From one end of the world toward the other, blockchain technology is without question the most fiercely contested issue. Since...
Can Cryptocurrencies eventually overtake all economic mechanisms?
Bitcoin has been spoken about a lot for a lengthy moment. Still, they’re becoming known as monetary instruments that can...