Court rejects SEC attempt to withhold documents and strip search assets of Ripple executives, puncturing SEC’s core argument on XRP.
The defense argued that the agency failed repeatedly to provide guidance for years to anyone who asked it whether XRP was a security, and that the 2018 speech by then-Director of Corporation Finance William Hinman laid out criteria that strongly suggested XRP isn’t a security.test for determining a security and violation of due process.
The SEC’s hapless lawyers have spent almost two years defending the absurd lawsuit against enterprise blockchain company Ripple Labs. They tried to prevent Hinman from being deposed by Ripple until the judge could finally sort through its tactical obstructions and order him to sit last year. They insisted the speech was irrelevant to the markets and to the case.
Judge Netburn has endured the agency’s pre-trial antics, biding her time for ammunition for the blistering ruling she issued last Tuesday.
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