The Latest in SEC vs. Ripple Labs Investigation
In the Ripple Labs vs. SEC investigation, it seems that each week there is an update on the case. Yesterday, the most recent news broke, and Ripple is claiming it to be “a very big win.”
Judge Sarah Netburn denied the SEC’s request to reconsider hiding documents under privilege related to a June 2018 speech made by former SEC Director, William Hinman. In the speech, Hinman said Bitcoin (BTC) and Ether (ETH) are not securities.
Christopher Warren, Managing Partner at Warren Law Group states, “The staff under Chairman Gensler’s SEC have been aggressively pursuing enforcement and litigation in the blockchain space. The recent decision in Ripple is regarding a speech drafted in 2018 by Director of Corporate Finance, William Hinman, who specifically spoke to the SEC’s position on cryptocurrencies being securities. Hon. Netburn sent a clear message to the SEC that statements and opinions made to communicate the agency’s approach to enforcement of cryptocurrency cannot be both an enforceable edict, as well as an unenforceable personal opinion. In other words, the SEC cannot have its cake and eat it too.”
The SEC and CFTC’s enforcement of rules surrounding blockchain assets, e.g., NFTs and Crypto, are nebulous at best. If you are under investigation by a government regulatory agency, such as the SEC, DOJ, FINRA, or your States Attorney General, contact the attorneys at Warren Law Group at (866) WLGROUP or email firstname.lastname@example.org to schedule your consultation.