Another victory for Ripple as Judge allows deposing former SEC official
Now there has been a new victory for ripple that has come up as the Judge let former SEC official deposal. This means eventually the company of cryptocurrency can now depose William Hinman over policy in New York.
Ripple’s San-Francisco-based fintech firm has now all geared up after its another small victory in the current battle that has been going with the United States Securities and Exchange Commission As per, the U.S district judge Sarah Netburn, there has been a straight denial about the SEC motion for supressing the former director of the SEC’s Division of Corporation Finance deposition to rule out.
In the year 2018, Hinman once made it clear in the speech that as per the understanding, he has of Ethereum networking along with its decentralized structure, the “current offers and sales of Ether are not securities transactions.”
The allegation started post the agency alleged that the two men were profited personally with $600 million while they completely ignored the legal advice. It was about cryptocurrency to be considered an investment contract and hence a security.
Post this sued Ripple, co-founder Christian Larsen and Chief Executive Officer Bradley Garlinghouse were sued by the SEC on the basis that they had created a “vacuum” that let them sell XRP into a market with limited details.
It is now in hands of the Ripple Labs Inc. to question a former Securities and Exchange Commission official with regards to the policy decision. As the company has already fought the lawsuit to accuse it on misleading the investor for the XRP cryptocurrency, there has been a ruling made already.
Ripple further has stated that SEC may not be regulating XRP since it is a virtual currency used in international and domestic transactions. It works as medium of exchange and not a security.
CBW - External Analyst