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Ripple moved to strike William Hinman’s testimony from the record because he stated XRP was a security

Recently, according to an update from the lawyer who closely follows the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC), James K. Filan, the agency has filed a Motion to Seal specific exhibits filed by the parties as part of the privilege agreement. Meanwhile, Ripple moved to strike William Hinman’s testimony from the record.

William Hinman told Ripple that XRP was security and urged company to halt sales

In a recent letter to Judge Sarah Netburn, the SEC asked the judge to deny access to the regulator’s privileged internal and interagency communications, claiming that they were unrelated to statements of support and abetting.

 

ripple-moved-to-strike-william-hinmans-testimony-from-the-record-because-he-stated-xrp-was-a-securitySEC’s Response to Privilege Dispute

Reportedly, the former director of the SEC division of corporate finance, William Hinman, believes that Ripple must stop selling XRP because he considers the cryptocurrency unregistered security.

During his ouster, Hinman claimed that he warned the San Francisco-based company that it had to terminate sales to comply with the regulation:

“Frankly, the one I recall the most is probably the one when XRP came in with a person who had my position before me, as well as enforcement counsel. They were interested in is there was a way to restructure what we’re doing to bring it within compliance with the securities laws, and the first thing I said to them as you’re continuing to offer XRP without any restrictions that would apply as a securities offering. If you want to come into compliance, you have to stop doing that, and they understood that.”

Furthermore, the SEC argued that Ripple was also unable to find evidence of the supposed market confusion at the core of the company’s fair notice defense.

Hinman’s hotly contested removal came on July 27 after the court made an unorthodox decision allowing it due to its huge public interest in the case.

XRP price has overcome several technical challenges on the charts and renewed interest in the token that is fundamental to transforming a rally into a sustainable advance. Moreover, with the new legislation tilted towards the Ripple argument, the price has the potential to extend the 40% move to the April high into a new all-time high in an impulsive form, generating a 180% gain from the current price.

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