Ripple To Depose Ex-SEC Official Following Fiery Day In Court

By Dean Seal (July 15, 2021, 10:12 PM EDT) -- A federal magistrate judge is giving Ripple Labs the chance to depose a former U.S. Securities and Exchange Commission division head about his 2018 comments on cryptocurrency following an incendiary hearing Thursday between the regulator and the blockchain firm.

U.S. Magistrate Judge Sarah Netburn acknowledged that former SEC Division of Corporation Finance director Bill Hinman was in fact a high-ranking official when he said during a 2018 speech that sales of mainstream cryptocurrencies Bitcoin and Ether were not subject to securities laws, and he should therefore only be deposed under "exceptional circumstances."

But the case for which he is being asked...

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