Ripple to dismiss SEC official who has ruled that ETH is not security || by @gameofcrypto36
Bill Heinman may be called to testify to his 2018 comments on Ethereum's security status. San Francisco-based fantasy firm Ripple has another small victory in its ongoing battle with the United States Securities and Exchange Commission.
In a New York ruling Thursday, U.S. District Court Judge Sarah Netburn rejected the SEC's motion to suppress a statement by William Heinmann, the former director of corporate finance for the SEC's division.
In June 2018, Heinman said in a speech that based on his understanding of the Ethereum network and its decentralized structure, "Ether's current offerings and sales are not securities transactions."
The deposit could add weight to Ripple's claim that XRP tokens are not secure. If no appeal has been made by the SEC, Lapkar Hanman is asked to testify about the argument behind his decision regarding the then Ether (ETH). Can say and then try to apply the same mentality to XRP.
Ripple argues that the SEC cannot regulate XRP as a security because it is a medium of exchange used for international and domestic transactions.
According to Bloomberg, the SEC countered with all the mourners, saying the question was "high-level about every law, regulation, or policy that has been consulted or talked about." Government officials will be suspended and then implemented. "
The financial regulator also argued that it did not speak through its staff or individual commissioners, but only through enforcement, so whatever Hanman said was "deliberate". Is. The SEC told the judge that the deliberate act of entitlement, also known as "Exception 5", would be sought if Hanman was deposed.
Judge Nateburn ruled that this was not a "run-of-the-mill SEC enforcement case," adding that Heinmann's statement "will not open the floodgates." He went on to say that "our markets have important policy decisions, the amount of controversy is substantial and the public interest is important."
Related: What is XRP Security? We can never know
In December 2020, the SEC filed a lawsuit against Russell, which the firm alleges CEO Brad Garling House and co-founder Chris Larson presented with their XRP token sale "unregistered, released digital assets." Were breathing.
In late June, the SEC accused Ripple Aficanidos, otherwise known as the "XRP Army", of making "false statements" against its leadership on social media. The regulator had asked the conference to talk about canceling the movement from Ripple to Sub-Hanuman, at which point it was said that it would "parade petitions for the testimony of high-ranking government officials" and government actions. I will intervene.
In a retiring speech before Hanman left the agency in November 2020, he referred to the SEC's record being open to technologies such as cryptocurrencies and blockchain without the need for an existing regulatory framework.
