The crypto space is now heading towards stormy weather. As the deadline for the SEC to comply with aspects of the court nears. The proceedings in the courtroom are of vital importance to not just XRP holders but also the firm. But to the crypto town as a whole, as a regulatory clarity to Ripple would mean a pavement for other cryptos to follow.
Consecutively, attorney John Deaton brings to notice that it is unlikely for the public to get insights into the hearing. Which is a thing of concern for the XRP community. The community has been wishing the proceedings to not follow the guidelines of Hinman’s deposition.
Will Ripple Lose Hold Of Its Legal Stance Against The U.S SEC?
The legal proceedings of the lawsuit against Ripple have been treacherous for the firm, and to the holders of XRP. Investors have collectively lost billions of dollars in the wake of the SEC’s allegations against Ripple. The 6th of December, 2021 is the deadline for the SEC to comply with most aspects of the court. Which is from 21st October 2021, regarding the two discovery disputes
Successively, the attorney John Deaton edifies that it is unlikely that the public will hear or see anything on the 6th of December. The SEC has to provide discovery responses to Ripple, howbeit the responses won’t be publicly filed. If the SEC fails to comply, then a motion would be filed for the same. Crypto enthusiasts have been expressing concerns over Ripple losing its stance against the SEC.
Will The Case Take A Turn About To Outcomes of Hinman’s Deposition?
The community has been wishing the outcome to not prevail as that of Hinman’s deposition. Judge Sarah Netburn had ordered Hinman to be deposed on the 19th of July 2021. Following heated debates over Hinman’s speech, which is now widely known in the industry. The repercussions even saw Ripple CEO requesting to file a number of exhibits including the deposition of Hinman.
The Ex-SEC Director William Hinman’s testimony had censored parts. The public still has no clarity of the deposition of Hinman. The SEC’s stand in the case has not been firm, which is now known to masses in the industry. Despite the SEC’s desperate efforts to shield Hinman from being deposed. The SEC had earlier made claims that Hinman does not have first-hand knowledge of the crypto market.
Collectively, the regulating authority’s baseless stand and the censoring of the proceedings has been a concern for the XRP community. If the hearing does not turn in favor of Ripple, it could weaken the stance of Ripple in the case. While hampering the community’s backing to Ripple against its lawsuit filed by the SEC.