The SEC Chair Gensler’s comments are questioned by Ripple’s legal officer. The SEC v. Ripple case brings Bill Hinman’s involvement into sharp relief.
XRP Story Crucial Notes:
On Thursday, XRP fell by 5.66%, closing the trading day at $0.6118.
XRP is now below $0.62 due to a widespread sell-off in cryptocurrency.
Remarkable Surge: Solana Skyrockets 386%, Joins Top Six Cryptos
The Chief Legal Officer of Ripple takes aim at the Bill Hinman speech and SEC Chair Gary Gensler.
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Widespread Crypto Sell-Off Lowers XRP to $0.62
There was no court action in the SEC v. Ripple lawsuit on Thursday that may have affected buyer demand for XRP. Due to the lack of judicial action, XRP was left vulnerable to the SEC and the larger cryptocurrency market.
As the SEC’s window of opportunity to approve 12 BTC-spot ETFs shrunk even further, investors became pessimistic.
At the close of the Thursday session, the prices of Bitcoin (BTC) and Ethereum (ETH) were down 4.80% and 4.47%, respectively. At $1,352 billion, the entire market capitalization of cryptocurrencies fell by 4.07%.
November 17 is the last day for the 12 BTC-spot ETFs to be approved. After that, investors would have to wait until January for the SEC to review and approve the petitions in batches.
SEC Chair Gary Gensler is the target of Ripple’s chief legal officer
In the SEC v. Ripple lawsuit, the discovery phase pertaining to remedies got underway on Monday. The SEC and Ripple have until February 12, 2024, to complete discovery pertaining to remedies, according to Judge Analisa Torres.
The cryptocurrency community will probably continue to conjecture until February about the possible fine Ripple may have to pay for selling XRP to institutional customers. The SEC and SEC Chair Gary Gensler may come under more scrutiny now that the lawsuit is nearing its conclusion.
The punishment amount is decided by Judge Analisa Torres. Judge Torres and other crypto case participants could get interested in closely examining SEC practises.
Stuart Alderoty, the chief legal officer at Ripple, responded to SEC Chair Gary Gensler’s tweet on X (formerly Twitter) on Thursday.
Bill Hinman: The SEC’s Achilles heel
Bill Hinman declared in 2018 that ETH and Bitcoin are not securities. Though he seems innocent enough, Hinman used to work at Simpson Thacher, a legal practise that is a part of an organisation that supports Enterprise Ethereum.
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Despite the SEC ethics team’s advice to the contrary, papers from Hinman’s time as an SEC Director of the Division of Corporation Finance show him meeting with his previous employer.
In the SEC v. Ripple case, the well-known Hinman speech-related papers became central to the argument. At least six efforts were made by the SEC to claim attorney-client privilege over the speech-related materials. The SEC was compelled to provide the papers to Ripple by the court, which rejected the SEC’s petitions.
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