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Ripple Says SEC “Mischaracterizes” Hinman Deposition

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Tue, 08/24/2021 - 06:57
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Alex Dovbnya
Ripple says that the SEC is refusing to hand over its internal discussions about digital assets despite the court ruling that they are relevant to the case
Ripple Says SEC “Mischaracterizes” Hinman Deposition
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In a letter to Magistrate Judge Sarah Netburn, lawyers representing distributed ledger tech provider Ripple assert that the U.S. Securities and Exchange Commission “mischaracterizes” the deposition testimony of the agency’s former top official William Hinman.

As reported by U.Today, Hinman claimed that he had told the company to halt its XRP sales since he considered the cryptocurrency to be an unregistered security. Furthermore, the regulator pointed to the fact that the defendants moved to strike the part of the deposition from the record. 

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Ripple says that it only moved to strike the duplicative response that didn’t touch upon discussions regarding digital assets other than XRP.

Furthermore, the company asserts that Hinman’s personal views on the sixth-largest cryptocurrency are “dubious”:  

Mr. Hinman’s personal views as to XRP’s status are dubious, in any event, given his testimony that not all of the factors laid out in Howey need to be met to be an investment contract.

Ripple is asking the court to compel the SEC to produce its internal and intra-agency documents regarding its views on Bitcoin, Ethereum and XRP given that it has been already determined that this discovery is relevant.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.