In today’s Legal Briefs, XRP Edition, attorney Jeremy Hogan talks about Ripple’s pending deposition of former SEC Director William Hinman in the SEC v. Ripple case. Will the SEC be successful in stopping the deposition from happening? How does Mr. Hinman’s testimony relate to the Fair Notice defense. If you don’t know, you will know!
Clayton and Hinman, Clayton SEC, Ripple Wants to Depose SEC Director, SEC Director HINMAN
There’s a reason US-based Ripple didn’t “register their offers and sales of XRP.” Because XRP is a currency – not a security. So they under no obligation to register with the SEC.
In fact, for clarification’s sake Ripple had for years been begging the Clayton-Hinman SEC to define XRP as either a currency or a security. Crypto trading platforms had also asked for a ruling on XRP.
In January 2020, the Clayton-Hinman SEC was STILL futzing around. Commodity Futures Trading Commission Chairman Heath Tarbert said at that time “It’s unclear. Stay tuned. We’re working closely with the SEC to figure out what falls into what box.”