On the ongoing Ripple (XRP) vs SEC case, there is a new update. The U.S. Securities and Exchange Commission has responded to a recent court order requiring it to provide the draft emails of the Ethereum speech that former senior official William Hinman delivered back in 2018 and explained its concerns in the reply brief.
The SEC is still certain that the speech drafts are irrelevant to the case’s accusations. The complainant claims that the defendants used a “fundamentally contradictory rationale” to pressure the agency into turning over the requested information.
The SEC contends that this is completely inaccurate, notwithstanding Ripple‘s legal team’s assertion that many people misinterpreted the Hinman speech to imply that the XRP wasn’t unregistered security. The agency even included a link to a Fortune story that said the Ripple-affiliated cryptocurrency would have a difficult time passing the regulator’s decentralization test.
The SEC claims that the deliberative process protection and the attorney-client privilege both protect the speech. Magistrate Judge Sarah Netburn has thus far rejected every request by the government to keep the information a secret.
Ripple said that the SEC’s worries were inaccurate representations of the judge’s rulings. According to the plaintiffs, ordering the government to release the draft emails might improve regulatory clarity. The SEC has asked the court to sustain its objections and reject Ripple’s assertions.
Ripple (XRP) receives recognition as one of the fastest-growing companies
Ripple, a blockchain corporation with headquarters in San Francisco, has been named one of Inc. Magazine’s fastest-growing American businesses. The firm associated with the XRP cryptocurrency is ranked 2,456th this year after expanding by 236% in just one year.
Ripple was ranked 123rd in 2020. Notably, troubled bitcoin lender BlockFi came in first place after posting growth of 245,616% in the previous year. Before the start of the crypto winter, it was the American corporation with the fastest growth.
Crypto juggernaut FTX recently concluded an agreement with BlockFi that allows it to purchase the business situated in Jersey City, New Jersey, for up to $240 million. In order to put this into context, BlockFi planned to be valued at $5 by 2021.