Ripple Labs And the SEC Come To An “Understanding” on Hinman Deposition

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The ongoing Ripple Labs V Securities Exchange Commission case has reached a small compromise today, in the form of an “understanding” between the two parties regarding a deposition of former Securities and Exchange Commission [SEC] Director of Corporate Finance, William Hinman.

According to a joint letter submitted to the ruling magistrate Judge Sarah Netburn, both parties have agreed to “reserve” their respective rights to seek further guidance from the Court prior to the deposition:

“We have reached an understanding, reflecting a compromise by all parties, pursuant to which the Defendants may examine Mr.Hinman on various issues without triggering a privilege objection from the SEC. Based on our discussions, the parties do not currently believe it will be necessary to seek the Court’s assistance prior to Mr. Hinman’s deposition.”

After recently agreeing to postpone the former SEC executive’s testimony to a later date of July 27th 2021, the two parties met to discuss further issues relating to Hinman’s deposition, which is likely to have included the latest agreement made over Hinman’s testimony.

The testimony that Hinman is set to provide is expected to shed light onto Ripple’s ‘fair notice’ defence. And while Hinman no longer works for the SEC, he has been calle up due to his earlier comments in 2018 that suggested that the SEC did not regard Bitcoin and Ether as securities.

While the SEC and Ripple have come to some small agreement surrounding the testimony, the ongoing court case is unlikely to end in a quick settlement, particularly due to the potentially revelotory testimony that Hinman is expected to provide. 

Despite the potential for victory, Ripple’s XRP token is sitting at $0.5614 with many XRP holders hoping for it to rise sharply if, and when, a Ripple Labs victory occurs.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



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