SEC vs. Ripple: New Discovery Could Finalize Verdict

Azeez Mustapha
10 September 2021 | Updated: 10 September 2021

A new development in the ongoing Ripple vs. SEC Lawsuit has emerged and could lead to a final verdict in the case. The defendant’s first request for admission (No. 99) to the US Securities and Exchange Commission, attached to the recent court filing, revealed arguably the most critical information for the lawsuit.

The document revealed that the Commission never notified any third party that it deemed XRP a security until after the lawsuit surfaced. This information has now become an official admission in the case. The SEC’s response to Ripple’s Request for Admission No. 99 noted that:

“Subject to all of the foregoing objections, the Commission admits that before the filing of this case, certain third parties inquired about the legal status of XRP. However, the Commission did not state a view one way or the other in response.”

New SEC Admission Contradicts Hinman’s Deposition

The watchdog’s admission heavily contradicts Former SEC Director William Hinman’s deposition where he testified, under oath, to advising Ripple Labs to cease the sale of XRP as the Regulator considered it to be a security.

The former SEC executive was already in a tight spot with speculation on his corrupt actions regarding the 2018 speech. With the latest discovery, Hinman could lose more than the SEC with the final verdict.

A vital article surfaced recently, revealing information against Hinman over the controversial 2018 speech. The publication claimed that William Hinman’s comments on Ethereum during the 2018 speech were calculated and became one of the primary factors behind the second-largest cryptocurrency’s 600% spike to date.

In August, while the lawsuit saw the court grant Motion to Seal in both Slack and DPP issues, many onlookers got concerned over the censure of parts of Hinman’s deposition. Speculations ran amok, with some alleging that the sealed information contained evidence against Hinman for orchestrating the price surge. Some also alleged that the former SEC Director visited eminent Ethereum Foundation officials and private participants, convincing them to invest in ETH before the speech.

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!
Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.