Ripple

Ripple Vs SEC Lawsuit – Ahead of a Bout On Friday, Issue Heats up

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Apr 27, 2022

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The struggle for SEC emails has continued in recent updates to the Ripple-SEC litigation, with another filing due this Friday. The SEC’s move to extend and redact the speech records’ assertion of attorney-client privilege is due this Friday, April 29.

The SEC had already informed that court that it will file fresh privilege assertions in a last-ditch effort to avoid the production of emails relating to William Hinman, the former director of the SEC’s Division of Corporate Financecontroversial ,’s Ethereum speech. The agency had also declared its intention to appeal the court’s decision on the deliberative process privilege (DPP), requesting more time.

William Hinman, then-SEC Director of Corporation Finance, claimed in a lecture in 2018 that Ethereum was not a security. Ripple ordered that the SEC hand over 70 emails related to the notorious speech that were circulated within the organisation.

The Securities and Exchange Commission fought hard to keep the communications confidential, even issuing an expert report on the final day of discovery.

The court chastised the SEC, ordering it to pay the defendant’s legal fees as well as the cost of re-deposing an expert witness.

Ripple faced a lot of anger from the cryptocurrency community after being sued by the Securities and Exchange Commission in late 2020 for targeting Bitcoin and Ethereum in their Wells notice and criticising the SEC for picking “winners and losers.” Members of the XRP community, on the other hand, believe that by purportedly giving clarification for the top two cryptocurrencies, the SEC has created an unequal playing field for smaller projects.

Maximalism, according to Ripple CEO Brad Garlinghouse, is a major hurdle for the industry. Garlinghouse, who owns Bitcoin and Ethereum, feels that several cryptocurrencies have the potential to flourish, which is why tribalism has no place in the cryptocurrency industry.

Ripple’s general counsel, Stuart Alderoty, said in updates over the weekend that the company is working diligently to settle the issue as quickly as possible, however a resolution is most likely in 2023. 

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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