Ripple Vs SEC: What’s SEC New Motion All About?

SEC vs Ripple lawsuit has come to its edge where every next step will define the future of the XRP token or regulation policies made by the government. In this bid, the SEC has filed a motion regarding the drafts of Bill Hinman’s June 2018 speech depicting his views that ‘Ether was not a security.’

What does this motion say?

The Commission has filed the motion for reconsideration and clarification of Judge Netburn’s deliberate process privilege (DPP) ruling. The agency contends that Judge’s ruling that Hinman speech emails, drafts, and meeting notes are not covered by DPP.

Was trying for an early night but after reading the latest SEC motion my head is 🤯. So, @SECGov still hasn’t taken an official position on #Ether but SEC staff did in fact use Hinman’s speech to “provide public guidance” on sales of Ether…but only on behalf of Corp Fin?

What?

— Eleanor Terrett (@EleanorTerrett) February 18, 2022

The motion cites that, Hinman’s speech wasn’t his personal opinion but intended to convey the general approach used by the Department of Corporation Finance’s position on digital assets. It comes as a shocker as Hinman’s declaration on June, 23rd 2021 refers that his speech as the expression of his personal views.

Speech was intended to communicate the general approach used by Corp Fin in evaluating whether digital asset offerings may be considered securities offerings, and to invite the market to communicate with Corp Fin staff about these issues, reads the SEC’s motion

The agency has stated, Hinman was peaking as the Director of Corp Fin to provide information about what private parties could expect when seeking formal or informal guidance from the staff of the division he led.

SEC contradicts itself again

This move has sent crypto enthusiasts into a zone of confusion over the classification of Bitcoin, Ethereum, and other coins.

It is difficult that the court will accept SEC’s motion to exclude Hinman’s speech which refers to it as it was intended to convey the general approach by the agency. Stands of the commission are being contradicted by their own moves. This is creating a state of confusion among the investors over the agency’s credibility.

Meanwhile, the smart counters done by Ripple against the SEC unfair acts have reaffirmed a strong faith among the XRP community.