SEC Is Making New Moves In XRP Lawsuit

The SEC has been scrutinizing XRP for a while now, and it seems that some pretty interesting news from their lawsuit just got out.

It’s been just revealed that the attorney and crypto legal expert Jeremy Hogan says that the U.S. Securities and Exchange Commission (SEC) has made a big mistake in its lawsuit with Ripple Labs.

Just to refresh your memory, the SEC sued Ripple Labs in December of 2020 for allegedly issuing XRP as an unregistered security, and says it remains one to this day.

As the online publication the Daily Hodl stated, in a new video update, Hogan covers how the SEC has filed a motion for the court to reconsider the unsealing of emails relating to former SEC Director of Corporate Finance William Hinman’s speech when he said that Ethereum (ETH) was not a security.

In the SEC’s motion, the regulator stated the following:

“The speech – itself and the many drafts and comments by SEC staff across different SEC divisions and offices deliberating the agency’s approach to the regulation of digital assets – show that Director Hinman and other SEC staff used the speech to provide public guidance as to how [Hinman’s division] would apply the federal securities laws to offers and sales of digital assets including Ether.”

The SEC continued and explained this:

“Indeed, SEC regulations provide that Director Hinman’s public statements could be relied upon as representing the views of Corp Fin, the division he led.”

As the online publication mentioned above notes, by saying that Hinman’s comments about Ethereum could be relied upon as guidance, Hogan says that the SEC is “making a blunder by backtracking its previous argument that Hinman’s comments were his personal opinion.”

Other than this, Ripple and XRP fans are expecting to see some bullish moves in the digital asset’s price.