Ripple lawsuit could all come down to a speech made by former SEC official

According to Fox reporters Eleanor Terrett and Charles Gasparino, the Ripple lawsuit can be traced back to a speech given by former Securities and Exchange Commission (SEC) official William “Bill” Hinman four years ago.

Ripple case direction now to be determined by the speech of former SEC official

Federal Judge Sarah Netburn held a live conference call on Tuesday to discuss the release of the Hinman documents, which Ripple claims are necessary to prove it did nothing wrong and that the SEC is picking winners and losers in the nascent crypto space.

Ripple officials believe that documents the SEC is seeking to keep secret will reveal disagreement among the agency’s top officials over XRP security labeling, undermining the SEC’s position.

CryptoLaw founder John Deaton shares a theme from the conference call. As shared in the tweet, Judge Netburn began the conference call by reminding both sides of the purpose of the hearing and then proceeded to ask the SEC to provide clarity on what legal advice former Director William Hinman received and for what purpose it was given.

The agency later responded that Hinman sought legal advice from SEC attorneys regarding applying securities laws to digital assets for his speech, saying, “That speech very legal.” Judge Netburn interrupted to make sure she heard the correct sentence and then went on to ask, “So he wasn’t asking for legal advice to educate himself on legal standards, but to be sure he wasn’t inconsistent?” The SEC answered in the affirmative.

Netburn then reminded the SEC that Hinman’s statement was his personal view and not that of the SEC. “Do you stand by that statement today?” she asked. The SEC did not answer Judge Netburn’s question in its reply but said that even if it were his personal view, “he still sought legal counsel about the legal issues he encountered in that speech.”

XRP-friendly attorney Jeremy Hogan believes that ”the SEC took a big step backward on a key issue,” while speaking about the Ripple SEC hearing.

In another development, James K. Filan, an attorney closely following the case between Ripple and the SEC, Ripple Defendants file a reply letter to support their motion regarding the deficiencies in the SEC’s responses to the Ripple Defendants’ Fourth Set of Requests for Admissions.

Due to a scheduling conflict, the conference scheduled in this case for 3:00 p.m. is RESCHEDULED for 3:30 p.m. The public is referred to the Order at ECF No. 495 for dial in information, which remains the same.

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