Despite the SEC’s objections to the testimony of William Bill Hinman, the agency’s former director of financial affairs, Ripple is single-mindedly moving forward with its plan to force the former executive to testify on XRP in order to prove its business transparent.

William Bill Hinman

Ripple tries to force William Bill Hinman to testify over XRP

In a letter to U.S. District Court judge Sarah Netburn, attorneys Brad Garlinghouse and Chris Larsen of Ripple Labs said Hinman’s testimony was postponed until July 19, 2021, defense attorney and former federal attorney who is also frequent on developments in the SEC -Ripple takes a stand.

Hinman’s testimony was originally scheduled for June 30, but the SEC was able to prevent him from testifying for Ripple. At the time, the SEC argued that if approved, Ripple’s move would set a precedent for the company to seek testimony from senior government officials and meddle in US government affairs. Additionally, Ripple lacks satisfactory arguments regarding the exceptions used to justify the testimony behavior.

Ripple contradicted this, arguing that Hinman was never a senior government official and that his testimony would give the agency and other third parties an important perspective on the situation of the regulatory status of a cryptocurrency.

Ripple believes Hinman can help clarify the SEC’s stance on Bitcoin, Ethereum, and XRP. This reinforces the argument that Ripple was not informed that the SEC would treat XRP differently from other cryptocurrencies.

Earlier, in 2018, Hinman gave a speech and emphasized that the SEC does not consider Bitcoin and Ether as securities. But the information on the regulatory status of XRP is still not mentioned.

Although Ripple is involved in litigation with the SEC, Ripple is building cross-border payment partnerships elsewhere, focusing on central bank digital currencies. The company recently announced plans to expand its offering of digitization services for businesses and XRP users.

“In the future, customers will be able to use their Ripple-enabled wallets to deposit XRP, BTC, stablecoins and everything digital,” wrote Asheesh Birla, General Manager of RippleNet, in a recent blog post.

At press time, the XRP price is trading at $ 0.65, and with a market cap of around $ 30 billion, it still ranks sixth in the CoinMarketCap ranking.

Veronica

According to the AZCoin News

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