UPDATE: Ripple and SEC reach a deal ahead of deposition about speech on ETH

Rick Steves

On Friday, both parties announced they made progress in regard to the privilege issues and planned to further narrow and resolve those issues relating to Mr. Hinman’s deposition.

With one week to go before the deposition of William Hinman takes place, the plaintiff and defendants have jointly sent a letter to Judge Sarah Netburn announcing they have reached a deal so that the testimony goes smoothly.

“We have reached an understanding, reflecting a compromise by all parties, pursuant to which the Defendants may examine Mr. Hinman on various issues without triggering a privilege objection from the SEC”.

Last week, the Judge ordered the deposition to go forward despite the immense resistance from the SEC – “desperate”, according to attorney Jeremy Hogan.

On Friday, both parties announced they made progress in regard to the privilege issues and planned to further narrow and resolve the issues relating to Mr. Hinman’s deposition.

Ripple gains higher ground for XRP, SEC plagued with top-level infighting

Despite the understanding reached between the SEC and Ripple, some remain skeptical about the progress made. “I will be surprised if the parties do not come to her after the deposition to get a ruling on the privilege “deliberative process” issue”, said XRP Holders’ attorney John Deaton.

“They may have agreed to ask certain questions and allow him to answer those questions under seal and then get a ruling after the fact”.

Deaton has previously suggested ten basic questions for the deposition that don’t fall under the privilege argument, but a Special Master may still be required to rule on the potential stream of objections.

At the center of the deposition of the ex-SEC Director of Corporation Finance will be his speech in 2018 about Ether as he said it is not to be considered a security. That triggered an intense market reaction and many deals were made at the time and after that, but also many questions have arisen.

Ripple Labs intends to raise some of those questions, in a move that could both expose the SEC for its missteps and put pressure on ETH as its nature as a non-security could be revisited.


You might want to read this:

SEC Commissioners drop bombshell that could save Ripple from lawsuit over sale of XRP 

SEC v. Ripple: Lack of clarity admission is “gift from the heavens” for Ripple and XRP 

Ripple’s XRP ventures into tokenization, SEC Gensler warns of security issue: “Make no mistake”

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