- The commission moved to submit its Memorandum in Opposition to the Ripple Defendants.
- The records were obtained after more than 18 months and six court demands.
Important papers pertaining to the Hinman Speech were ultimately released to the Defendants by the U.S. Securities and Exchange Commission (SEC). The commission moved to submit its Memorandum in Opposition to the Ripple Defendants shortly after making this momentous decision.
In the document, the SEC noted that there is no plausible explanation for the Defendants’ unregistered sales of securities given the facts. It was also noted that Ripple has admitted, at least tacitly, that it cannot pass the Howey test.
The commission, however, argued that despite the Defendants’ argument’s seeming ingenuity, it is completely without merit. The results of the faked test conducted by the accused are not supported by the law. According to the law, the SEC wins this case.
Lawsuit Coming to End Soon
It is not possible for the Defendants’ Motion to rest only on two words from Howey that have been reshaped into a made-up test, and represented the US SEC prominently. It went on to say that the statement from Ripple and the Defendants blatantly disregarded the public’s assurance that they would work to increase XRP’s value and liquidity.
The SEC’s decision to provide emails relating to the Hinman speech set the stage for this action. Ripple’s general counsel, Stuart Alderoty, claimed that the company finally obtained the records after more than 18 months and six court demands. The struggle to get them, he said, was more than worthwhile.
Meanwhile, the SEC has formally requested that Judge Netburn remove sensitive information from two versions of Hinman’s address given in 2018. For the purposes of the motion, the relevant draughts have been submitted for in-camera consideration by Judge Netburn. For the DPP issue, the commission has even referenced the ruling from April 11, 2022.