, 2022-05-14 13:26:00,
On Friday, Ripple (XRP) rallied as the crypto market stabilized after Terra’s depegging sent shockwaves throughout the industry.
Ripple ended Thursday at $0.377384, rallying to $0.439217 by the end of Friday, data from Coingecko shows, as the debacle surrounding former SEC Corporation Finance Director William Hinman’s comments escalates legal proceedings toward an impending court date.
Tether, which depegged to $0.9508 on Thursday as data from CoinMarketCap shows, recovered Friday to $0.99 levels, as stablecoins faced an exacting week following the collapse of Terra’s stablecoin.
Judge grants SEC’s Motion to file a Reply Brief on Hinman documents
On Wednesday, the SEC added a small victory to its plate in the ongoing case against Ripple Lab, whereby a judge granted the SEC’s request to file a reply brief in connection with the SEC’s attorney-client privilege claims regarding the 2018 communications made by former Corporation Finance Director William Hinman, who indicated that Ethereum was not a security.
Uncovered emails revealed that Hinman knowingly had a conflict of interest in making the speech before delivering it.
“Based on my understanding of the present state of ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions,” Hinman stated back in 2018.
In his speech, he opined that Ether is not a security, stating that ‘based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.’ Ether’s value rose immediately after Mr. Hinman’s speech,” said anti-corruption watchdog Empower Oversight.
Does the SEC’s arguments have any leg to stand on?
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