{"id":490546,"date":"2022-05-15T16:50:34","date_gmt":"2022-05-15T16:50:34","guid":{"rendered":"https:\/\/wncen.com\/?p=490546"},"modified":"2024-06-11T14:19:52","modified_gmt":"2024-06-11T14:19:52","slug":"ripple-xrp-price-picks-up","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple-xrp-price-picks-up\/","title":{"rendered":"Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On"},"content":{"rendered":"
Ripple (XRP) rallied to $0.439217 Friday from $0.377384 on Thursday in the face of an ongoing Securities and Exchange Commission\u00a0lawsuit following the comments of William Hinman, former SEC Corporate Finance director.<\/span><\/p>\n Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard \u2013 Is It Cardano?<\/a><\/em><\/strong><\/p>\n <\/p>\n A judge has granted the request of SEC to file a reply concerning the case against Ripple Lab. The case was ignited by the speech of Hinman, stating that Ethereum is not a security.<\/span><\/p>\n Emails recovered as evidence strengthened claims that Hinman had some conflict of interest connected to those comments.<\/span><\/p>\n In 2018, Hinman’s speech included this statement:<\/span><\/p>\n Hinman’s speech stated that Ethereum is not a security which insofar is tagged as an opinion based on his own understanding of Ether and the Ethereum Network. <\/span><\/p>\n More so, the decentralized nature, and Ether transactions and sales are not secure, according to his personal knowledge and understanding.<\/span><\/p>\n On the other hand, Hinman attested that there are four criteria barring the rationale rendered by SEC, stating that said communications made in 2018 won\u2019t fall under the attorney-client privilege.<\/span><\/p>\n <\/p>\n In addition, communications made by Hinman isn\u2019t confidential information. Further, if in case SEC discovers any other information that can be protected, the only person who can claim that is Hinman.<\/span><\/p>\n Ripple\u2019s defense on this case is that XRP\u2019s purpose can\u2019t classify the coin as a security. SEC has no power or authority over Ripple considering that XRP\u2019s function is as a medium of exchange.<\/span><\/p>\n Further, Ripple states that the currency is utilized as an intermediary intended for remittance and not a security.\u00a0<\/span><\/p>\n Ether are not securities, Hinman said. (Bitrates.com)<\/span><\/pre>\n
William Hinman: Ether Not a Security<\/b><\/h2>\n
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\u201cBased on my understanding of the present state of ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.\u201d<\/span><\/h4>\n<\/blockquote>\n
XRP total market cap at $20.60 billion on the weekend chart | Source: TradingView.com<\/a><\/pre>\n
Ripple Violated Securities Act of 1933?<\/b><\/h2>\n