- Amid the recent victory in the case, Ripple’s counsel said that it was well worth the fight.
- Ripple CEO Brad Garlinghouse slammed the SEC, Elon Musk extended his support.
During their ongoing court battle with the U.S. Securities and Exchange Commission (SEC), blockchain payments firm Ripple scored another victory. Ripple counsel, Stuart Alderoty confirmed that the firm has managed to get its hands on Hinman’s speech from 2018.
The SEC has been making an attempt to prevent Ripple from getting access to a speech delivered by former SEC chairman William Hinman back in 2018. Ripple said that Hinman’s speech is pivotal when he states that ETH won’t be a security. Ripple said that the same rules apply to XRP while claiming that their crypto is not a security token. Upon scoring this minor victory, the Ripple Counsel noted:
Over 18 months and 6 court orders later, we finally have the Hinman docs (internal SEC emails and drafts of his infamous 2018 speech). While they remain confidential for now (at the SEC’s insistence), I can say that it was well worth the fight to get them.
Mr. Alderoty further added that the documents have been still sealed from public view. The latest ruling shows that the court squashed repeated attempts by the SEC to keep Hinman’s speech under wraps. Several analysts and Ripple supporters believe that the documents would be of great help to Ripple in inching closer to victory.
Ripple CEO Slams the SEC, Elon Musk Extends Support
Soon after Ripple counsel, Stuart Alderoty tweeted about the development, Ripple CEO Brad Garlinghouse slammed the U.S. Securities and Exchange Commission (SEC). He also called out the SEC for the “shamefulness of their behaviour”. Garlinghours wrote:
The SEC wants you to think that it cares about disclosure, transparency and clarity. Don’t believe them. When the truth eventually comes out, the shamefulness of their behavior here will shock you.
Coming to the Ripple CEO’s support was the world’s richest man Elon Musk. Showing his support for XRP and the criticism of SEC in two words, Musk responded “No Way”. As we know, Elon Musk has a history with the SEC. The securities regulator attacked him in the past for his tweets. Besides, it’s also looking at Musk’s recent Twitter deal. Elon Musk’s legal team called the SEC action a “government-imposed muzzle”.
Some lawyers from the crypto space believe that the SEC could be throwing fresh tantrums over the Hinman speech. Web3 lawyer, Jesse Hyness wrote: “If the Hinman emails are as bad as we’re hearing, I wouldn’t be surprised for the SEC’s next step to throw Hinman under the bus, claim he was acting rogue, and that despite his actions, it doesn’t change the status of XRP”.
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