A Happy End for Ripple? – For almost a year and a half – December 2020 – the society Ripple Labs is accused by the Security and Exchange Commission (SEC) for having led an illegal issue of real estate securities with his token XRP. Still caught in the throes of this long court battlehowever, Brad Garlinghouse’s business could soon see The end of the tunnel.
Application rejected for the last card in hand of the SEC?
One of the two main regulators of the American financial markets, the Security and Exchange Commissionconsider the token XRP is neither more nor less than a security (securities). The Ripple company and its two leaders (Brad Garlinghouse and Christian Larsen) are thus accused by the SEC for having violated American laws for this type of financial product, by not having first registered XRP tokens as such with its services.
Except that, according to a court document published on April 11, the SEC would have been taken in full contradiction by the judge Sarah Netburnin charge of the case for the Court of the Southern District of New York.
We thus learn that the judge has denied the request of the SEC to finally consider documents related to a speech delivered by William Hinman in June 2018 (who was then a director of the SEC). During this statement, the former director had made it clear that Bitcoin (BTC) and Ethereum (ETH) are not not securities.
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Did Ripple just enjoy a “big win”?
The US financial policeman has indeed tripped over this statement. The SEC had initially claimed that it only concerned personal opinions about Mr. Hinman and not politics of the organization in this regard.
Later, she claimed the exact opposite because, in the end, it suited him in his last accusations against Ripple – the latter had also used it initially, to assert that XRP should be considered like BTC and ETH.
According to James K. Filanone of the lawyers defending the Ripple camp, this is a big win to lift the sword of Damocles hanging over XRP:
“The SEC seeks to have it both ways, but the discourse [de Hinman] was either intended to reflect agency policy or not. After insisting it only reflects Hinman’s personal views, the SEC can’t now dismiss its own position.
This is a very big win for Ripple. »
The Securities Commission has now 14 daysas of this court decision (until April 25, therefore), for file an objection to this decision. Even though the SEC is doing everything to prolong this legal battle against Ripple, its ammunition may soon start to run out, and XRP is still standing despite the beatings.
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