The SEC Ripple saga remains stuck in the middle as both parties vigorously try to win the lawsuit, which appears to be of historic significance to the U.S. crypto community.
Ripple’s Deposit Request and SEC Resistance Against:
More recently, Ripple is seeking the removal of former SEC corporate finance director William Hinman. In response, the SEC told the court that the agency’s former director had no relevant first-hand information that could influence the lawsuit. However, given Hinman’s senior status, the defendant also has the burden of proving that the former director has relevant information regarding the lawsuit. As a further argument against the motion, the SEC informed the court that it intends to “overturn” the defendant’s motion.
Ripple’s response to the SEC’s countermotion:
Ripple didn’t even step back half a step and responded with firm conviction to the motion, having initially opposed the SEC’s suggestion that Hinman was a senior SEC official. Ripple went on to claim that Hinman was not entitled to the special protection of disclosure because Hinman was no longer an employee of the agency and that the firm was not required to prove that Hinman had the lawsuit firsthand.
Relevance of Hinman’s controversial speech:
One of the strongest arguments Ripple put forward for the removal of Hinman is his speech in which he stated that the “Ether is not security”. Ripple took this as an argument and has long claimed that the SEC distinguishes Ripple from Ether. In this regard, Ripple stated:
“His testimony is likely to provide vital evidence to determine whether and to what extent the SEC has approved or approved it as a statement to the public about the agency’s current thinking on a complex, rigorously scrutinized regulatory issue.”
Interesting indeed is the process of the lawsuit, recently attorney Jeremy Hogan also commented on the information that emerges from the lawsuit as he referred to it as “juicy”.