“Defendants are left to argue that Director Hinman was not a high-ranking government official. This is ironic.”
Search Query: #ironic
“We could do that. We’ve always thought about our product as ‘How do we solve a customer’s problem first and foremost?’”
In 2019, SEC’s Amy Starr and Coinbase’s Dorothy DeWitt made comments that are now considered critical evidence for Ripple’s Fair Notice defense and whether XRP is a security or not.
“Mr. Hinman’s personal views as to XRP’s status are dubious, in any event, given his testimony that not all of the factors laid out in Howey need to be met to be an investment contract.”
As you may be aware, the Ripple lawsuit shows little signs of ending anytime soon. While there are many reasons why the case is complicated, one aspect has become notable recently. This is the US Securities and Exchange Commission’s (SEC) firm insistence that William Hinman cannot be allowed to testify in the lawsuit. But, why is Hinman so important and why is the SEC so adamant in their position.
“Although the SEC claims that all XRP are unregistered securities and Brad Garlinghouse and Chris Larsen unjustly enriched themselves, it allows Ripple Co-founder JedMcCaleb to sell his XRP for hundreds of millions of dollars to possibly buy MoneyGram. Makes perfect sense”, said XRP Holders’ attorney John Denton ironically.
The deposition will take place on Monday, July 19.
“If that was not a clear conflict of interest, then he needs to explain why under oath”.
“If she was satisfied by the briefings she would have simply ordered the deposition to take place.”
There may be added pressure on the lawsuit as Senator Warren implicitly delivered authority over to the SEC in a letter that requests a response by July 28.
“Senator Warren gave Gensler every opportunity to say the SEC must control things. The only thing she didn’t ask him is if he wanted a puppy.”
The answer might not ease the impatience, but it offers perspective on the United States legal system.
Attorney Jeremy Hogan analyzed the top cryptocurrencies by market cap in terms of their “danger rating”.
“For the most part, the SEC will not be able to bring any more crypto lawsuits if that happens, and the SEC is funded by the fines and such from these lawsuits so…read between the lines”.
That is the million-dollar question. Better yet, the 40 billion dollar question, according to the XRP market cap.
In January 2018, LJM had over $1 billion in assets under management, but a month later it lost over 80% when the CBOE’s VIX spiked over 20 points and, shortly thereafter, LJM closed its business.
Yesterday, Ripple formally opposed the motion and seems to have made quite an impact within some attorney circles. The defendant explored those two citations, their omissions and misrepresentations.
“To the SEC’s knowledge, no federal court has accepted a defendant’s argument that the term fails to provide the constitutionally required notice; indeed, in the realm of offers or sales of digital assets, at least two district courts in this Circuit have rejected that argument”, the regulator stated.
The SEC’s decision to step up to protest against a subpoena on a third-party is raising eyebrows, particularly among the XRP community. John E. Deaton, lawyer for approximately 11,000 XRP holders, tweeted his outrage.