Ripple’s Counsel Claim That SEC Mischaracterizes Hinman’s Testimony
Ripple’s legal team has argued that the SEC is mischaracterizing Hinman’s testimony as it opposes SEC’s position in its legal battle with the US financial regulator. Ripple said the SEC manipulated the witness’ response without considering his actual response to the question.
They also said Hinman wasn’t asked about XRP, but most of the questions directed to him were related to the legality of virtual assets and federal securities. Then, when the former SEC director chose to redirect his response and relate it to XRP, the defense removed his XRP-related responses from its presented evidence instead of tagging it duplicate and irrelevant.
Ripple Asserts That Hinman’s XRP Views Were ‘Doctored’
Ripple further claimed that the SEC misinterpreted Hinman’s personal opinions on XRP as ‘a security’ to suit their narrative. However, SEC argued back that they were using Hinman’s concerns to Ripple executives and warned them about it. They claimed that Hinman warned Ripple against selling XRP as it is adjudged a security by legal interpretation.
They also claimed that Hinman told Ripple officials that they should stop selling XRP since they have yet to register it. However, Ripple remains defiant that the SEC manipulated Hinman’s testimony.
Japan’s Authorities Take A Closer Look At Bitcoin
Following last week’s security breach of a Japan-based crypto exchange liquid global, the country’s financial regulators are now considering whether to impose stricter rules regarding crypto transactions. The head of the financial watchdog even opined that it might be necessary to make it less easy for anyone to have cryptocurrency exposure
You’d recall that the regulators showed some of its might against some crypto exchanges recently. Three months ago, the regulator sent its first warning for more than three years when it sent a warning notice to ByBit citing illegal operations.
Also, it sent another warning notice to a leading crypto exchange firm, Binance, over the same issue of unregistered license two months ago. The SEC is willing to expand its authority over the crypto market. Japan is the first country to make it mandatory for crypto exchanges to be licensed before offering any services.
After several scams in the crypto exchange industry three years ago, Japanese authorities expanded the oversight functions of its financial watchdog over crypto exchanges’ operations. Yet, the commission still believes that crypto exchanges are not doing enough to curtail money laundering and other vices in the crypto industry.
Microstrategy Increases Bitcoin Holdings
In other news, Michael Saylor has revealed that his company Microstrategy has increased its Bitcoin holdings. He further tweeted that the coins were worth $178m as of the time of purchase.
Micheal Saylor Bitcoin Purchase Announcement. Source: Twitter
Following this purchase, the asset management firm now holds about 108,993 BTC. While the company has been purchasing Bitcoin sparingly for some time, it has been buying consistently since the end of last year. Bitcoin’s market cap of almost $913B makes it remain the king coin, and for the past 24 hours, it has been retesting the $49K price range.
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