Ripple Can Depose Former SEC Official in Lawsuit: Report
16 Jul, 2021•1 min read•Regulation
Ripple can depose the former head of the U.S. Securities and Exchange Commission's corporate finance division about the agency's policy decisions as the company faces an enforcement action, Bloomberg reported on Friday. U.S. Magistrate Judge Sarah Netburn on Thursday ordered William H. Hinman to sit for questioning, saying the case involves "significant" policy decisions in the markets and the public interest is high. The SEC alleged in December 2020 that Ripple Labs had conducted an ongoing and unregistered securities sale via the XRP (-0.8%) token closely associated with its brand. Ripple had sought to force the SEC to disclose why it came to the conclusion that bitcoin (BTC, -2.4%) and ether (ETH, -1.62%) were commodities, not securities like XRP.