The lawsuit against Ripple (XRP) at the SEC has been thrilling the crypto sphere for some time now. The SEC, known as the American regulatory authority par excellence, has appeared in a position of strength since the start of the trial. However, a new piece of data disrupts its course. A speech delivered to a former official of the SEC is controversial, and strongly holds the attention of the judge in charge of the case. The magnitudes that this may take are still unknown, but it seems obvious that consequences for the rest of the trial are inevitable.
- A dubious conference call
- A tricky step back for the SEC?
- Ripple (XRP) accumulates partnerships despite its lawsuit
A dubious conference call
It all started with a conference call that could be described as sensitive. It took place between former SEC official William Hinman and his legal department four years ago. According to Judge Netburn in charge of the case, the registrants resulting from this appeal can transfer the intentions of the SEC, and must therefore be the subject of clarification. The goal is to determine what advice former manager Hinman received, and more importantly for what purpose.
The SEC defends itself by asserting that this advice was only lambda legal advice, without any particular scope. Also according to the SEC, the only subject mentioned had been that of the application of laws relating to the security of cryptoassets, “in a very legal speech”. A statement that was not convinced by Judge Netburn. The latter interrupted the SEC argument in the middle of the trial. He asked the SEC to explicitly confirm what he had just heard, namely that the purpose of former director Hinman was not to obtain mere legal advice, but rather to ensure his apparent consistency. The SEC then answered in the affirmative.
A tricky step back for the SEC?
Benefiting from a reputation as well as an authority without equal in the United States, the SEC generally occupies a position of force in its various lawsuits. This is the case in the Ripple (XRP) lawsuit, at least since it opened. Lately, this twist echoed everywhere in the press.
When excerpts of the conference call between the SEC and its former director, William Hinman, were made public, the course of the trial was impacted and its direction changed. Now, the lights are no longer solely on Ripple. The slightest acts, exchanges and even intentions of the famous SEC are beginning to be scrutinized and questioned. According to experts from the legal world as well as the crypto world, this is a serious step backwards for the SEC. The objectivity and transparency of his intentions are slightly reviewed by the judge. Or, it noticeably gives the edge back to Ripple.
Until then, the SEC had succeeded in prohibiting the participation of holders of the token at trial, no doubt fearing the influence it would have. However, this reversal of the situation could cause the judge to reconsider the question, and the holders of the token could be opened to trial. This will only be enough to accentuate the decline of the SEC, and shake up the future of this affair.
Ripple (XRP) accumulates partnerships despite its lawsuit
As a general rule, a lawsuit is not synonymous with good publicity. Legal problems tend to drive away collaborators, investors and partnerships. Surprisingly enough, Ripple seems to be an exception to the rule. Since the opening of its lawsuit against the SEC, Ripple has not had to complain of colossal losses in terms of partnerships, quite the contrary. Officially, Bexs Pay is the entity that has landed the management of more than 54 million Nubank customers in terms of cross-border payments. Or, Bexs Pay has RippleNet integrated since 2017.
This constitutes a very large partnership for Ripple (XRP), whose business continues to flourish despite the ongoing lawsuit. This is just the beginning. Several other companies specializing in remittances have already been contacted by Ripple to set up partnerships. Besides this aspect, it is also interesting to note that Ripple intends to go public as soon as the trial is over. A random ? Hard to believe.
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