SEC Replaces Introductory Disclaimer; Another Win For Ripple?

XRP Lawsuit News: The US District Court of the Southern District of New York recently produced a decision in favor of Ripple Labs on the Hinman speech linked documents and emails dispute. A legal expert suggests that the recent court ruling might have led the US SEC to change its disclaimer text when its executive speaks in a public gathering.

Also Read: Ripple Exploring IPO As SEC Lawsuit Nears Its End?

According to Ben Edwards, the US Securities and Exchange Commission (SEC) tweaked its disclaimer for public speeches. It now mentions a statement that the remarks given by the officials are in their official capacity. It is expected that redaction came in response to the Ripple Lab’s discovery dispute.

The crucial dispute on then SEC Director Bill Hinman’s 2018 speech is around the legal status he gave out to Ethereum. However, the commission tried to hide the internal communication which led to the infamous speech. It argued that whatever the former executive said was his personal views and it did not represent the agency’s position, decision, or policy. Read More XRP Lawsuit News…

US SEC recently used the changed Introductory Disclaimer in the court filings against Coinbase. It stated that the public statements made by Chair Gensler are not formal guidance or policy statements from the commission. It added that the public cannot rely on these as statements.

Also Read: Ripple Escrow Unlocked; Whales Dump 100 Million XRP

Watchdog And Its Assertions

It is important to note that the US SEC changed its assertion on the speech couple of times. The judge in the order mentioned the Hypocritical position taken by the commission over the speech and documents. She stated that the SEC’s lawyers “lack a faithful allegiance to the law.”

However, the newly replaced disclaimer might help the commission to support its stance to withhold documents in discovery. This will align with an exemption that allows federal agencies to hide crucial details.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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