The US Stock Exchange (SEC) has made a new move to repel #Ripple's William Hinman move. The #SEC attorney wrote a letter to litigation judge Sarah Netburn, stating that Ripple failed to meet the requirements to summon a senior official of the agency to court.
Ladan Stewart, an SEC attorney, used the following statements to the case judge Netburn about Hinman being presented as a witness in his letter, which he wrote in response to Ripple 's response to a file submitted to the court:
“The defendant wants director Hinman to come and be subjected to hours of questioning, despite the SEC attorney's multiple objections and instructions not to answer questions. The current situation does not provide for the special and exceptional circumstances necessary to bring a senior SEC employee to trial.”
The SEC also requested that the court rescind the subpoena for Hinman until the agency gave Ripple a fair notice response. As it is known, Ripple stated that the SEC never warned them that XRP is a security and did not speak out about the transactions made for years. According to the SEC, if they are found to be justified in fair reporting matters, Hinman will not need to be brought to court.
“The summoning of Hinman is against the law”
Stating that Hinman is a senior government agency manager, Stewart stated that he found Ripple's argument to the contrary ironic, and argued that the payment company almost wanted to enact a new law:
“The defense authority is almost asking the court to pass a new law. They seek the testimony of a senior executive of an independent federal agency on both internal and external matters of the SEC. And they do so when they are likely to call other people as witnesses. This is against the law and imposes heavy burdens on both the court and all parties.”
The Ripple company suggests that Hinman is someone who can provide first-hand information, whether because of the SEC's communications with third parties and the agency's policy on the regulation of cryptocurrencies, or Hinman's resounding 2018 speech on the subject.
“Ripple will not be able to hear more from Hinman”
However, the SEC attorney stated that none of these allegations gave Ripple the right to call Hinman as a witness in the case:
“The defendant will not be able to hear more from Hinman than some of the information the SEC has already submitted to the court. The SEC's communication records with 3rd parties have already been submitted to Ripple. Ripple may request more of this information directly from these third parties without the consent of the SEC.