Elon Musk supports Brad Garlinghouse and Ripple (XRP), saying, “We will be on the right side of history.”. The blockchain payments business Ripple has defeated the U.S. Securities and Exchange Commission in court (SEC). According to Ripple’s attorney Stuart Alderoty, the business has a copy of Hinman’s 2018 address.
A 2018 lecture presented by William Hinman, a former SEC chairman, has been blocked from being accessed by Ripple by the SEC. Ripple asserts that Hinman’s claim in his lecture that ETH won’t be secure is a key assertion. Ripple claimed that XRP is subject to the same rules as other digital currencies, despite the fact that they are not security tokens. The Ripple Counsel highlighted this minor victory as follows:
After more than 18 months and six court orders, we have now obtained the Hinman records (internal SEC documents).
Mr. Alderoty stated, “The records are still sealed from public view.” The most recent ruling shows that the court repeatedly rejected the SEC’s attempts to hide Hinman’s comments. According to a number of researchers and Ripple supporters, the documents would help the cryptocurrency advance toward success.
Elon Musk Offers Assistance as Ripple CEO Slams SEC
Shortly after Ripple attorney Stuart Alderoty tweeted about the development, Ripple CEO Brad Garlinghouse criticized the U.S. Securities and Exchange Commission (SEC). He also criticized the SEC for the “shamefulness of their conduct.” As stated by Garlinghours
The SEC wants you to think that it cares about transparency, disclosure, and clarity. Never rely on them. When the truth comes out, you’ll be horrified at how terrible these people’s actions here were.
The world’s richest billionaire, Elon Musk, promised to help the CEO of Ripple. Musk replied, “No Way,” expressing his adoration for XRP and contempt for the SEC in a brief statement.
It is well known that Elon Musk has a history with the SEC. He has already received criticism from the securities regulator for his comments. Additionally, it is analyzing Musk’s most recent Twitter agreement. Elon Musk’s legal team referred to the SEC action as a “government-imposed muzzle.”
According to some cryptocurrency lawyers, the SEC may be having new tantrums as a result of Hinman’s comments. Web3 attorney Jesse Hyness commented, “If the Hinman emails are as awful as we’re hearing, I wouldn’t be surprised if the SEC’s next move is to throw Hinman under the bus, claim he was acting erratically, and that despite his actions, it doesn’t impact the status of XRP.”