A Move From Ripple (XRP) May Come Next Week To Put The SEC In A Hard Situation

Despite the objections of the U.S. Securities and Exchange Commission, Ripple is seeking comment from William Hinman, former head of the regulator’s Corporate Finance Division. According to a new court document, the term has been postponed to July 19.

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Attorneys representing Ripple Labs, Ripple Labs CEO Brad Garlinghouse and governing council leader Chris Larsen, in a letter to US Magistrate Sarah Netburn, “Mr Hinman’s statement has been postponed to July 19, 2021 to ensure availability” he said.

SEC – James Filan, a defense attorney and former federal prosecutor who frequently comments on developments in the Ripple case, in a tweet “They tell Judge Netburn that they can decline the offer, they can take Hinman’s word before they do it” he said.

Hinman’s deposition was originally scheduled for June 30. However, the SEC tried to prevent Hinman from making the promise, saying that Ripple failed to create the “exceptional conditions” needed to justify the statement of someone in one of the highest positions.

However, Ripple said that Hinman was never a high-level government official and that the term “will provide a critical window into the agency’s liaison with valuable third parties on the regulatory status of cryptocurrencies” defended.

Ripple believes Hinman can help shed light on the SEC’s stance on Bitcoin, Ethereum, and XRP, and Ripple believes the institution will treat XRP differently from other cryptocurrencies. “fair notice” strengthens the defense that he did not receive. Hinman gave a speech in 2018 suggesting that the SEC does not view Bitcoin and Ethereum as securities.

Despite being stuck with lawsuits in the US, Ripple is expanding its cross-border payment subsidiaries to several regions and continues to explore central bank digital currencies (CBDCs). The company recently announced plans to expand to provide tokenized services to businesses and XRP users. Asheesh Birla, Managing Director of RippleNet, in a recent blog post “Customers can use their Ripple-enabled wallets to store XRP, BTC, stablecoins and anything tokenized” he said.

According to CoinGecko data, XRP is trading at $0.64 as of the date of publication and is ranked as the sixth largest cryptocurrency with a market cap of $30 billion.

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