American FinTech giant Ripple (XRP) and the U.S. Securities and Exchange Commission (SEC) have been embroiled in a lawsuit since December of 2020 over whether Ripple’s cryptocurrency, XRP, is a security or not. In March of 2021, Ripple filed a motion with Judge Sarah Netburn declaring the SEC internal documents regarding the status of XRP, bitcoin (BTC) in ether (ETH) had to submit to Ripple. However, this never happened. Lawyer Jeremy Hogan sits (voluntarily) on top of the details and concludes that the government body has again applied to postpone the provision of clarity.
Complete right turn?
The SEC already had a Deliberative Process Privilege (DPP) submitted. This states that the SEC would rather not have the documents public, but the judge has already decided that this had to be done. However, the SEC has already been able to postpone it several times. This included documents from former SEC director Bill Hinman’s speech, in which he stated that ether and bitcoin are not stocks or bonds (securities) are. Unfortunately, this would be just his personal opinion, not the SEC’s.
The judge ruled on January 13 that the documents should just be declared, but on January 21, the SEC asked whether the judge could reconsider the decision. If Netburn had read other documents surrounding the speech, she would have decided differently, the SEC said. In fact, the organization notes that it does believe that ethereum and bitcoin are securities. Previously, it did not share this view. So a complete right turn.
Again postponement
It is the fourth time that the disclosure of the information has been postponed. According to Hogan, the deadline for such an extension is two weeks, but now the SEC is asking for a five-week extension. The deadline is now February 17. But if the SEC asks whether the second judge, Analisa Torres, can voice her opinion, it will take at least March or April to resolve the issue surrounding Hinman’s speech.
NEW VIDEO!
This is what I look/sound like with no sleep.
The DPP undead, what could it all mean? Crypto regulation and how history repeats itself.
And, I shill a coin! @HattonSouvenirs https://t.co/siiy5bmMab
— Jeremy Hogan (@attorneyjeremy1) January 28, 2022
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