Investment bankers try to protect the names from the public
The SEC’s case against Ripple was in the spotlight on Wednesday. Attorney James Phelan Mutual An unexpected court filing in response to Ripple’s opposition motion.
“Investment Banker Declarant Filed Response to Ripple’s Opposition to Investment Banker Declarant’s Proposal to Protect Name, Position, and Employer from Public Opinion.”
Had the investment bank declarant refused to provide a statement, the SEC’s choice would have been to compel his testimony to certify the document in question. Needless to say, when the witness’s only option is to make a statement or testify, there is no truly voluntary ‘choice’.
On January 18, Ripple filed against the “investment banking nominee” proposal, which sought to protect its name, position, and business owner from public view as it filed a voluntary declaration in support of the SEC’s motion for summary judgment.
The defendants indicated that neither party compelled the advertiser and his employer to make statements and that neither party removed them during their discovery or identified them as potential witnesses.
While the deposit had no effect on XRP, it did reverse the sensitivity of the matter. However, a court order on documents related to William Hinman’s speech would have a significant impact on prices. A ruling in favor of the defendants could force the SEC to go down the path of liquidation and XRP at $0.50.
As a matter of background, former SEC Director of Corporate Finance William Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities. The controversial issue in the letter concerns Hinman’s relationship with Simpson Thacher, who is part of a group promoting Enterprise Ethereum. After leaving the SEC, Hinman returned to Simpson Thacher.
In the middle of the week, the broader crypto market offered price support. Lowering FTX Infection and Genesis could offer a bullish session.
Today, investors should watch for updates from the SEC v Ripple case. But the lack of updates would leave the broader cryptocurrency market to provide guidance. US economic indicators will attract interest today, with US GDP and unemployment numbers likely to be affected. US corporate earnings fueled recession fears. A sharp increase in the number of unemployed will test the appetite for riskier assets.