April 17, 2024

Is SEC Biased? Lawyer Reveals Biggest Decision on the Ripple’s Case

In regards to similar cases between SEC and other coins, it is alleged that SEC’s handling of the case against Ripple is questionable and biased.

SEC – United States Security and Exchange Commission, has been issuing contradictory statements as they file a motion of reconsideration on Hinman’s speech on ETH and Bitcoin.

The crypto community’s attention was dragged to the reconsideration motion which is linked to Hinman’s ETH security speech. The motion contains 63 emails which include drafts and comments relating to the above. However, there are claims that the final version of Hinman’s speech discussed ETH and Bitcoin, with no reference or mention of XRP.

Netburn ruled that Hinman’s speech emails and drafts do not fall under the jurisdiction of DPP. In a twist of event, SEC filed a motion for the reconsideration of Judge Netburn’s Deliberate Process Privilege (DPP) ruling.  Following these developments, John Deaton, XRP Holder’s attorney, revealed that the decision on the reconsideration motion filed by SEC will be the biggest.

The motion filed by SEC states that Hinman’s speech does not represent his thoughts, but was used to define the approach adopted by the Department of Corporation Finance (DCF) on virtual assets. Surprisingly, the motion is contrary to Hinman’s June, 23rd 2021 declaration that the speech as credited to him expresses his personal opinions.

A Two-Way Verdict

As the case continues, Ripples have had small wins over SEC, while the latter has been entangled in contradictory episodes against its statements. With the numerous revelations exposed by the Lawsuit, it is proof that suing Ripples appears to be the SEC’s biggest mistake.

That notwithstanding, the SEC vs Ripple case has reached that point where every step has the capacity of defining the future of XRP as a security. John Deaton, Ripples’ lawyer, analyzed a few possible outcomes of the rulings on the motion for reconsideration.

According to him, if Netburn decides the emails be overturned, then it is huge. Because even if the Judge is convinced by the SEC that the DPP covers the emails, Netburn still reserves the right to order that the document be produced.

If on the other hand, the Judge rescinds her previous decision and ruled that the emails are accepted, helpful to Ripple, but not a good turn of events as well.

He concluded by saying that whichever way the case is decided, whatever be the case of the ruling, the motion for reconsideration is the biggest decision in the lawsuit. 

Ripple, which has been engaged with SEC in a lawsuit, has been struggling with Ethereum for the 2nd position in the crypto market. Six months before the Hinman’s speech, 2018 precisely, XRP hit an all-time high which was above $3

Regardless of the above, and as events unfold, there are high hopes that Ripple will become victorious after the final verdict. On the other hand, if the SEC turns out to have wrongly prosecuted Ripple, the people might feel a betrayal of their trust in government agencies.

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