SEC cannot confirm if the video of Bill Hinman in the Ripple case
According to court records, the SEC concluded that “after reasonable investigation, the material is known and presently accessible is not adequate to allow the Commission to accept or refuse this motion.”
If a video predominantly starring Bill Hinman genuinely shows Bill Hinman, the US Securities and Exchange Commission (SEC) cannot confirm or deny this.
There has been a long-running legal disagreement between the SEC and Ripple Labs over alleged unregistered securities sales through XRP coins, and Bill Hinman, also known as William Hinman, is the former director of SEC’s Division of Corporation Finance who has become a significant component.
ETH sales, according to Hinman, were not “securities transactions” when he spoke at the 2018 Fintech Week Conference while working with the SEC. However, it seems that the SEC is taking its time to accept the obvious in order to put the case on hold.
The SEC has “failed to reply in compliance with the relevant regulations as to 53 RFAs on significant matters where there is no meaningful dispute,” according to a May 18 petition to compel Requests for Admission (RFAs) issued by Ripple Labs’ legal team Debevoise & Plimpton.
Ripple is requesting that the court require the SEC to either admit or revise its replies to the RFAs. The SEC has not been able to authenticate a number of cases that fundamentally seem to be indisputable in respect to RFAs centred on Hilman.
The SEC, for example, has declined to confirm or deny whether or not a recorded interview with Hinman at a public event was real, or whether the claims made by Hinman were in fact him.
Chris Brummer, a Georgetown law professor, seems to be the uploader of the YouTube video mentioned by Ripple’s legal team. His name, profile photo, and connections to all of his professional websites are all on this account, which was created in 2016.
SEC claimed to be at a loss to identify the mysterious guy, despite this. This request cannot be approved or denied based on the facts presently available because of the concerns outlined above and a reasonable investigation.
Furthermore, the SEC has rejected a plea to allow it to question the veracity of the video, and it seems to be steadfast in its refusal to give up any information.
An attempt to keep papers regarding Hinman private was rebuffed, but the firm filed a letter move late last month claiming attorney-client privilege for information about Hinman’s 2018 speech.