- Amid the recent win in the case, Ripple’s attorney said the fight was worth it.
- Ripple CEO Brad Garlinghouse slammed the SEC, Elon Musk expanded his support.
During its ongoing court battle with the US Securities and Exchange Commission, blockchain payments company Ripple scored another victory. Ripple’s attorney, Stuart Alderoty, confirmed that the firm managed to get its hands on Hinman’s 2018 speech.
The SEC has attempted to block Ripple from accessing a 2018 speech by former SEC Chairman William Hinman. Ripple said Hinman’s speech is key when he states that ETH will not be a security. Ripple said the same rules apply to XRP while claiming that their crypto is not a security token. After that little win, the Ripple Counsel written down:
Over 18 months and 6 court orders later, we finally have the Hinman documents (internal SEC emails and drafts of his infamous 2018 speech). While they remain confidential for now (at the SEC’s insistence), I can say that getting them was worth the fight.
Mr Alderoty further added that the documents are still sealed from the public. The latest ruling shows the court thwarting repeated attempts by the SEC to keep Hinman’s speech secret. Several Ripple analysts and supporters believe that the documents would be of great help to Ripple to get closer to victory.
Ripple CEO Slams SEC, Elon Musk Expands Support
Shortly after Ripple advisor Stuart Alderoty tweeted about the development, Ripple CEO Brad Garlinghouse slammed the US Securities and Exchange Commission. He also called out the SEC for the “disgrace of their behavior.” Garling hours wrote:
The SEC wants you to think they care about disclosure, transparency, and clarity. Don’t believe them. When the truth finally comes out, you will be shocked at the shame of their behavior here.
The richest man in the world, Elon Musk, came to support Ripple’s CEO. Musk showed his support for XRP and criticism of the SEC in two words, replying “No way”. As we know, Elon Musk has a history with the SEC. Securities regulators have attacked him for his tweets in the past. It also looks at Musk’s recent Twitter deal. Elon Musk’s legal team called the SEC’s action a “government-imposed muzzle.”
Some crypto space lawyers believe the SEC may throw fresh tantrums over Hinman’s speech. Web3 attorney Jesse Hyness wrote: “If the Hinman emails are as bad as we’re hearing, I wouldn’t be surprised at the SEC’s next move to throw Hinman under the bus and claim he acted as a villain, and that despite his… Actions nothing changes the status of XRP”.