Ripple (XRP) case: Judge orders ex-SEC director to testify
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Answer Ripple (XRP) case: Judge orders ex-SEC director to testify
In the ongoing case between the US Securities and Exchange Commission (SEC) against Ripple, Judge Netbourne ruled that former SEC director William Hinman must testify under oath.
After accusations were filed against Ripple in late December 2020, the case has evolved into a complex beast dealing with many sides and suggestions.
The latest proposal relates to an attempt by the Securities and Exchange Commission (SEC) to overturn Hinman’s testimony, preventing him from testifying in court.
But Judge Netbourne refused this request, thus opening the door for the defendants to question Hinman in court.
The latest developments in the Ripple case:
The US Securities and Exchange Commission tried to prevent Hinman from testifying.
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But Judge Netbourne held that this should not be due to the exceptional circumstances of the case.
For information, the former director “Hinman” gave a speech in June 2018, in which he said:
Ethereum is not a security coin.
Based on my understanding of the Ethereum case, the Ethereum network and its decentralized structure.
The current offers and sales of Ethereum are not securities transactions.
The above statement is an important statement for Ripple in defending its position, given that Ripple is similar to Ethereum.
Ripple maintains their position that the digital currency XRP is similar to Bitcoin and Ethereum, so they see that they have not violated the securities law.
The likely reason Ripple wants to question Hinman is due to the discovery of unclear information from his 2018 speech.
Ripple seeks to prove the position of the former head of the SEC towards Bitcoin and Ethereum, to derive his position also towards Ripple, given that Ripple is no different from Ethereum or Bitcoin.
Case to follow…
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