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The highly-publicized case of the U.S. Securities and Exchange Commission (SEC) versus Ripple continues to raise interesting discussions, the latest being an insightful challenge to the SEC’s stance by well-known cryptocurrency attorney John Deaton. A strong proponent of Ripple’s digital token, XRP, Deaton’s recent remarks question the purportedly personal nature of a speech made by William Hinman, the SEC’s former Corporation Finance Director.
Unmasking the Hinman Speech
Deaton scrutinized Hinman’s contentious 2018 speech, wherein the SEC has been firm in asserting the remarks was purely Hinman’s personal perspective. However, Deaton draws attention to the numerous drafts and discussions that went into preparing the speech.
He shared, “There were 63 emails and 52 unique drafts of the Hinman speech. ‘FIFTY-TWO.’ That’s a considerable amount of effort for what is claimed to be a personal opinion.”
Awaiting the Release of Crucial Documents
Deaton’s challenge comes in light of an internal SEC email, tagged Exhibit 220, that surprisingly admitted, “XRP does not meet all elements of the Howey Analysis and is therefore not a security.” This revelation has ignited public interest, with many XRP enthusiasts anxiously awaiting the public release of summary judgment documents, especially those pertaining to Hinman.
In a previous Twitter post, Deaton expressed his anticipation for the disclosure of these emails. ‘
He asserted, “I predict even non-XRP holders, including Ripple critics, will have to objectively say that what the SEC did is flat-out wrong.”
According to the legal expert, questions about the rationale behind the SEC’s lawsuit against Ripple would intensify after these emails become public knowledge.
Settlement or Exposure?
The documents, including Hinman’s, are scheduled for release on June 13, 2023. Nonetheless, a segment of XRP supporters predicts that the SEC will opt for a settlement with Ripple prior to this date. They speculate that the SEC would find it more desirable to settle the case rather than expose Hinman’s documents, which could potentially undermine the commission’s enforcement activities in the cryptocurrency arena.