SEC vs Ripple lawsuit has come to the brink where each next step will determine the future of the government’s XRP token or regulatory policy. In this bid, the SEC filed a motion regarding the drafts of Bill Hinman’s June 2018 speech, expressing its position that “Ether was not a security.”
What does this motion say?
The Commission has filed the motion to reconsider and clarify Judge Netburn’s decision on intentional procedural law (DPP). The agency argues that Judge’s ruling that Hinman’s emails, drafts and meeting notes are not covered by DPP.
Tried early night but after reading the latest SEC move my head is . So, @SECGov has still not taken an official position on #Ether but SEC officials have actually used Hinman’s speech to “give public guidance” on the sale of Ether…but only on behalf of Corp Fin?
— Eleanor Terrett (@EleanorTerrett) February 18, 2022
The motion cites that Hinman’s speech was not his personal opinion, but was intended to convey the general approach used by the Department of Corporation Finance’s stance on digital assets. It comes as a shock when Hinman’s statement on June 23, 2021 refers to his speech as the expression of his personal views.
The speech was intended to communicate the general approach used by Corp Fin in evaluating whether digital asset offerings qualify as securities offerings, and to invite the market to communicate with Corp Fin’s staff on these issues, reads the SEC’s motion
The agency has stated that Hinman peaked as director of Corp. Fin to provide information about what private parties could expect when seeking formal or informal guidance from the personnel of the division he led.
SEC contradicts itself again
This move has confused crypto enthusiasts about the classification of Bitcoin, Ethereum and other coins.
It’s hard for the court to accept the SEC’s request to exclude Hinman’s speech, which references it, because it was meant to convey the agency’s general approach. The committee’s views are contradicted by their own moves. This creates confusion among investors about the credibility of the agency.
Meanwhile, Ripple’s clever countermeasures against the SEC’s dishonest acts have cemented strong confidence among the XRP community.
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About the author
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analyses. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
This post What is SEC New Motion all about?
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