Ripple Lawyer Says XRP Lawsuit Will Set Precedents for Entire Crypto Industry
Ripple’s vice president of litigation thinks the outcome of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the San Francisco-based payments firm will have a huge impact on the crypto space at large. SEC is “reaching far beyond the authority that was granted to them by Congress” and attempting to regulate the crypto space by enforcement.
Ripple general counsel Stuart Alderoty said the firm had finally been granted access to a set of documents related to a 2018 speech made by former SEC Director William Hinman. In the speech, Hinman stated that Ethereum (ETH), the second-largest crypto asset by market cap, was not a security and thus not subject to the SEC’s jurisdiction. The SEC had argued that the emails were protected by both deliberative process privilege and attorney-client privilege.
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