Elon Musk Comments on New Development in Ripple-SEC Case

UTC by Babafemi Adebajo · 2 min read
Elon Musk Comments on New Development in Ripple-SEC Case
Photo: Shutterstock

The Ripple team believes the Hinman documents will reveal the SEC’s double-handedness in dealing with the case.

The world’s richest man Elon Musk has seemingly thrown his weight behind Ripple as a new development in the Ripple-SEC case proves the blockchain company is one step closer to victory.

After Ripple’s counsel, Stuart Alderoty confirmed the receipt of the long-awaited Hinman documents, Ripple CEO Brad Garlinghouse took to Twitter to express his disappointment.

After Garlinghouse’s scathing remarks about the insincerity of the SEC, Musk replied to the tweet by saying, ’No way.’ Many believe this to be Musk’s way of affirming he agreed with Garlinghouse. The comment has also caused excitement in the pro-XRP camp, who believe it to be an act of support by the billionaire.

New Development in the Ripple-SEC Case

Garlinghouse’s remarks came in the aftermath of the release of the Hinman Documents by the SEC. He said:

 “The SEC wants you to think that it cares about disclosure, transparency, and clarity. Don’t believe them. When the truth eventually comes out, the shamefulness of their behavior here will shock you.”

The Ripple team believes the Hinman documents will reveal the SEC’s double-handedness in dealing with the case. Given it took 18 months and six court orders for the SEC to release the document, one may think so too.

Previously, the SEC claimed attorney-client privilege and refused to present the documents. The document is expected to show that former SEC chief William Hinman officially affirmed that ETH was not a security. This would mean that the SEC has been biased in its treatment of Ripple.

However, the regulator has also previously claimed its former chief, William Hinman was speaking in a personal capacity when he said Ethereum was not a security. Regardless, should the documents back up Ripple’s claim, Hinman would be guilty of court perjury, and Ripple may very well win the case.

Elon Musk’s Corresponding SEC Battle

Musk has had his fair share of issues with the SEC. Currently, the billionaire is seeking legal grounds to overturn a decree that requires the billionaire to get permission from his attorney before posting about Tesla on Twitter.

The decree was part of the ruling after a securities fraud charge against Musk and Tesla in 2018. Musk and his legal team claim the decree violates the fundamental right to free speech. 

Altcoin News, Cryptocurrency news, News, XRP News
Babafemi Adebajo

An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.

WhaleMaker
Related Articles
WhaleMaker
-->