Finally, the U.S. Securities and Exchange Commission (SEC) handed over to the Defendants the important papers pertaining to the Hinman Speech. The commission moved to submit its Memorandum in Opposition to the Ripple Defendants shortly after making this momentous decision.
Recent Released: Futures Data Suggests Big Bitcoin (BTC) Move
How far back can the SEC fight back in the Ripple case?
In its memo, the SEC noted that there is no reasonable doubt that the defendants made unregistered sales of securities. It was also mentioned that Ripple has admitted, at least tacitly, that they cannot pass the Howey test.
The commission, however, argued that despite the Defendants’ argument’s seeming originality, it is wholly ineffective. The defendants’ faked test results are not supported by the law. In this case, the SEC is the legal victor.
The entirety of the Defendants’Motion
Cannot rest on two words from Howey that have been transformed into a made-up test. featured the US SEC prominently. It went on to say that the statement from Ripple and the defendants utterly disregarded the public’s assurance that they would work to increase XRP’s value and liquidity.
To support its claims, Ripple is not using the word of any credible witnesses. The defence team put all their faith in the testimony of their specialists. However, Daubert does not permit the use of such witnesses. Their case for summary judgement is not supported by the facts as presented.
Will the SEC continue to censor Hinman’s public comments?
The SEC’s decision to provide over emails relating to the Hinman speech set the stage for this action. After more than 18 months and 6 court orders, Ripple’s general counsel Stuart Alderoty said the company had obtained the records. He continued by saying that the struggle had been worthwhile.
Meanwhile, the SEC has written Judge Netburn a request asking that two versions of the 2018 Hinman speech be edited. Judge Netburn is given the essential draughts for the motion behind closed doors. Concerning the DPP issue, the commission has even referred to the order issued on April 11, 2022.
Source: Google Trend