By Curtis Dye
There is currently litigation pending between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC). But, James K. Filan, a lawyer who supports Ripple, has offered a fresh update on the situation.
According to the most recent updates, Forbes journalist Dr. Roslyn Layton has disclosed that she will submit an amended petition to the court asking for permission to intervene and access to the Hinman Speech Papers.
A reliable media outlet, Tokenhell, had previously stated that Layton had lodged a request for access to Hinman’s private speech documents.
According to reports, Roslyn first asserted, despite the fact that this was untrue, that the SEC had provided the Hinman Speech Papers in support of its move for summary judgment.
Ripple asserts the provision of records
The aspect of this ongoing legal dispute that has generated the most controversy is the speech made by Hinman. The legal team for Ripple worked hard to persuade the judge to order the SEC to provide the records.
The findings from the Hinman lecture from June 2018 on the properties of Bitcoin (BTC) and Ethereum (ETH) that keep them from being categorized as securities, according to Ripple, may be applied to the digital currency known as XRP.
The legal dispute between the SEC and Ripple is viewed by many in the cryptocurrency sector as being the most important one. But, if Ripple wins, the commission’s regulation strategy is anticipated to change.
Ripple founder`s statement sparks speculation
As the parties wait for Judge Analisa Torres of the US Southern District Court of New York to make a decision, Ripple’s chief legal officer has made a strong statement on Twitter.
The aggressive statement came at a time when the SEC is supposedly running “Operation Choke Point 2.0” against the cryptocurrency industry and when the agency is also getting ready for the first day of the trial over a Bitcoin spot ETF with Grayscale, which will happen in two weeks.
The statement says that the SEC has lost four out of the last five cases it has taken to the Supreme Court. This is because only a small number of parties had the courage and money to stand up to the SEC’s bullying and hold on to legal positions that went against the law.
One of the reasons why the comment is making waves in the XRP community is that it isn’t clear where the statement came from. Does the statement mean that Ripple would be willing to take the case to the Supreme Court if the lower court rules against them? Or is the statement trying to say that the SEC often loses cases when it goes up against powerful opponents who don’t like the agency’s overreach?
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