• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Breaking News: KyberSwap Hacker Demands Full Control, Sets December 10th Deadline
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: KyberSwap Hacker Demands Full Control, Sets December 10th Deadline

Ripple Backs The SEC Into A Corner Over Ether’s Securities Status

Samuel Wan by Samuel Wan
2 years ago
in Ripple
0

Ripple recently filed a “motion to compel responses to interrogatories” in which they ask the SEC whether Ether is a security.

As pointed out by Attorney Jeremy Hogan, this line of questioning is an “AMAZING” move, in that, regardless of the answer given, the SEC will weaken their case.

Ripple filing
Source: @attorneyjeremy1 on Twitter.com

Last month, at the Aspen Security Forum, SEC Chairman Gary Gensler refused to answer this same question. His response supports the view that the SEC does not wish to expose itself any further.

But with the question being formalized in a court setting, the SEC is somewhat stumped regarding squirming out of a response.

Ripple Defense Argues No Fair Notice

The SEC filed a lawsuit against Ripple in December last year, just before Christmas. They alleged Ripple had engaged in $1.3 billion of illegal securities sales since 2013.

During the discovery phase that followed and is still ongoing, Ripple’s legal team has built a defense on multiple aspects, chief of which is the fair notice defense.

It puts forward the case that Ripple was under the assumption that XRP, Bitcoin, and Ether were classed as equivalents in the eyes of the SEC.

Given that former SEC Director William Hinman had previously said neither Ether nor Bitcoin fit the bill as securities, Ripple presumed the same regarding XRP. What’s more, as the SEC did not give fair notice otherwise, Ripple argues they were unaware of breaching applicable securities law.

In the course of the discovery phase, it has emerged that Hinman’s greenlight of Ether/Bitcoin was only a personal opinion and should not have been construed as a stance held by the regulator.

That being so, this admission has opened up a can of worms. In that, if Ether is a security, why were they allowed to operate without impediment? Or, if not, on what grounds has the SEC singled out Ripple?

Damned If They Do, Damned If They Don’t

Regarding the “motion to compel responses to interrogatories” filing, Hogan points out that taking a formal stance on Ether’s securities status puts the SEC in a difficult spot, no matter how they answer.

“If the answer is “no,” then it opens the door for Ripple to compare XRP to Ether. And as we know, only Ethereum had an ICO…

“Yes,” is not a politically fathomable answer for the SEC.”

Alternatively, a response along the lines of the Ether’s status has yet to be determined would strengthen Ripple’s fair notice defense.

If the SEC cannot determine whether Ether is a security, how can Ripple be expected to know they were breaching securities law by selling XRP tokens?

As Hogan states, “For Ripple, the “Is Ether a security?” question is a win, win?, or win.”

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Related Posts

Ripple SEC Small

Ripple Is Meeting With The SEC Today; Here’s The Agenda

3 days ago
Ripple

XRP News: Ripple IPO At Risk Of Being Delayed, Expert Warns

5 days ago
Ripple CEO Brad Garlinghouse

Ripple CEO Says ‘I’m In Disbelief’, Here’s Why

6 days ago
Ripple IPO XRP David Schwartz

Ripple CTO Explores XRP Impact In Context Of Forgoing IPO

1 week ago
Ripple

Ripple And SEC To Navigate Legal Matters In Upcoming Closed Meeting

2 weeks ago
Ripple Vs. SEC XRP

Ripple Vs. SEC Update: Pro-XRP Lawyer Reveals The Next Major Dates To Watch

2 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
Inmerion
Inmerion

Press Releases

  • Wish You’d Invested in BTC and ETH Sooner? Experts Say...

    11 hours ago
  • Market Rallies Post-Holiday. Fake-Out or Are Bulls Back in...

    13 hours ago
  • The Best Altcoins to Invest in? Cardano, Polygon, and...

    1 day ago
  • Top 3 Affordable Cryptos Worth Buying Next Week

    2 days ago
  • 3 High Growth Cryptos To Buy Now

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.