During the SEC’s action against Ripple, the regulator has taken different stances against the payments giant. The contents of Hinman’s emails that were previously classified as privileged have now been exposed to the public. Supporters of XRP are hoping for a resolution of the lawsuit as well as regulatory clarity on the altcoin.
In December 2020, the US Securities and Exchange Commission filed suit against Ripple and two of its executives, Chris Larson and Brad Garlinghouse. As part of its defense, the blockchain firm has attempted to gain full access to all relevant papers that led to a speech by a senior SEC official on crypto market regulation.
On June 18, 2018, William Hinman, former director of the Securities and Exchange Commission’s Division of Corporate Finance, delivered a lecture known as “Ethereum Free Pass”. He called the world’s largest altcoin, Ethereum, non-security in this lecture. The SEC’s lawsuit against XRP has used speech as evidence that it is not a security.
Supporters predict the speech will lead to the lawsuit being dismissed. On two occasions, the court has directed the SEC to hand over the records to the defendants. On the other hand, the regulator has challenged the court’s demands to keep speech and email out of Ripple’s hands.
when and where?
In a conference call scheduled for June 7, 2022 at 3:00 PM UTC, the court will discuss William Hinman’s correspondence. In Courtroom 23B of the Daniel P. Moynihan Courthouse in New York City, members of the public can watch the proceedings live.
The live conference call will be held in Courtroom 23B of the Daniel P. Moynihan Courthouse at 500 Pearl Street in New York, New York. At the moment there is no mention of public call-in information. Magistrate Judge Netburne has yet to decide whether she will enable remote public access to civil hearings in her courtroom. The call will be recorded, and the transcript will be made available later. No other information is given.
Jeremy Hogan, a well-known lawyer in the XRP community, also had something to say about the court’s decision, “I think the judge read the SEC’s final summary and found it so unbelievable (shall we say) that she decided to bring them in person to explain the reasoning and make a clear record because she knows that on her decision. Appeal is being made.”