
US judge rules against SEC’s contradicting defense over Hinman speech in Ripple case
SEC argued that Hinman’s speech was a personal errand while also claiming he received legal counsel from SEC lawyers, and Judge Netburn isn’t impressed.
SEC argued that Hinman’s speech was a personal errand while also claiming he received legal counsel from SEC lawyers, and Judge Netburn isn’t impressed.
Based on the legal test for determining whether something is a security or not (Howey), the SEC has a case. However, in filing its defense, Ripple Labs made an excellent point worthy of discussion.
Bill Hinman made headlines after proposing SEC should consider the level of decentralization of a digital currency before classifying it a security.