Ripple Wants Former SEC Executive to Testify on XRP

by in Cryptocurrency News

SEC vs Ripple deposition

The US SEC vs Ripple Labs case is going on. According to the document published on July 9 by Magistrate Judge Hon. Sarah Netburn, the deposition of the US SEC former executive William Hinman will take place on July 19.

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Ripple insists on getting the SEC’s explanation of why the regulatory views XRP not the same way as other cryptocurrencies and of why it is considered to be security. The company wants Hinman's testimony as the former executive of the SEC said in 2018 that neither BTC nor Ether must be considered as securities as they have decentralized nature. The initial date when Ripple intended to depose Hinman was June 30.

However, the SEC filed a motion against his deposition. According to the agency, there weren't special conditions that required the testimony of someone who previously served in a high-ranked position and to ask him about private information.

The SEC's motion was denied.

Note that the SEC against Ripple case started in December 2020, when the agency filed a $1.3 B lawsuit for selling undocumented securities.

Meanwhile, Ripple continues to develop its services. The company expands the XRP Ledger utility options starting the tokenization process.

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Currently, XRP trades at around $0.6, ranking sixth with a $29.3 B market cap.