Hearing the Latest News on the Ripple vs SEC Case, Elon Musk GIves His Respond!

Elon Musk also commented on the Ripple vs SEC feud. (Photo; Doc Leptabit)

JAKARTA – The Ripple vs SEC feud at the court is predicted to soon find a bright spot after taking more than a year. One of the factors was that the US Securities and Exchange Commission (SEC) was finally willing to submit documents for SEC official William Hinman's speech related to his 2018 speech to Ripple.

Ripple CEO, Brad Garlinghouse commented on the condition of the US regulator by stating that the facts will come to light even though the SEC wants to be considered as the body that regulates clarity and transparency in the crypto world. Garlinghouse said the SEC's behavior was "embarrassing."

“The SEC wants you to think that the SEC cares about disclosure, transparency and clarity. Don't believe them. When the truth is finally revealed, their shameful behavior here will shock you," Garlinghouse wrote in a Twitter post @bgarlinghouse, Oct. 21.

Knowing this, the XRP community was enlivened by the entry of Tesla boss Elon Musk who suddenly commented on the Ripple CEO's post by stating "No Way" (impossible). The crypto community believes the comments signal that the Tesla boss is following the developments of the Ripple vs SEC case. The comments also imply that Musk is giving his support to Ripple.

Previously, in 2018 when interviewed by Lesley Stahl of CBSNews, Musk stated that he would not respect the SEC. The statement relates to Musk's Twitter post being sued by the SEC about his consideration of making Tesla a private company. The US Securities and Exchange Commission accused him of fraud.

"I have no respect for the SEC," Musk told Stahl.

On the other hand, the submission of the Hinman document will reveal the actions of the SEC in handling this protracted Ripple case, which took more than 18 months. For your information, the Ripple vs SEC feud began in December 2020. Prior to the lawsuit from the US regulator, Ripple planned to list the company on the largest stock exchange in the US.

As is known, the document submitted by the SEC to Ripple contained a speech stating that the number two cryptocurrency, Ethereum (ETH) was not a security. This controversial statement raises pros and cons among the crypto community. This means that the SEC has a biased view regarding crypto and especially in its treatment of Ripple.

According to the non-profit organization Empower Oversight, William Hinman, a former SEC director of Corporate Finance, was an associate at Simpson Thatcher before he was appointed to head the Corporate Finance division. Simpson Thatcher is a member of the Enterprise Ethereum Alliance (EEA), a company dedicated to marketing Ethereum.

The organization also disclosed Hinman's interests during his tenure as head of Corporate Finance at the SEC. Based on documents shared by Empower Oversight, Hinman held a series of meetings with Simpson Thatcher during his tenure at the SEC, which eventually resulted in his 2018 speech, in which he stated that ETH was not a security.