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In the Ripple Case, The judge ruled that SEC Must Surrender Hinman Email on Ether to Ripple. The federal judge ruled that an email containing a draft of the former SEC official’s speech is not protected by agency privilege.
Coin desk published: “An email of a draft of a 2018 speech by Hinman, former director of Corporation Finance, is included in the list of documents to be surrendered. Hinman gave the speech in June 2018, telling the audience at a conference that, in his view, ether was not a security.”
The speech was seen as pivotal for the crypto industry, given the first 60 million ether (the native token of the Ethereum blockchain) was sold to raise funds for the Ethereum Foundation. Ether is now commonly seen as a commodity in the U.S., with the Commodity Futures Trading Commission overseeing derivatives products based on the cryptocurrency.”
There was a video published on Twitter i/status/1512741040993808386 and the transcript verbatim of the content reads:
CNBC: You just described some crypto as securities.
Gary Gensler: Yes.
CNBC: Which ones do you think of as securities?
Gary Gensler: It is pretty clear and the supreme court has actually spoken about it many times. If somebody is raising money selling a token.
Vitalik Video Clip Extract from an old Meeting: Start the Ether Pre-sale in a couple of weeks. So, the Ether presale will be an opportunity for anyone to purchase Ether, where Ether is the internal currency in the Ethereum system, “Sort of like XRP in Ripple.”
Gary Gensler: And, the buyer is anticipating profits.
Vitalik Video Clip Extract from an old Meeting: What we are hoping is that sort of similar to what happened with Master Coin. If that slice is something like 20% and then the value of Ether goes up by 5x. I mean, we basically have the entire initial BTC that we got all over again.
Gary Gensler: Based on the efforts of that group.
Vitalik Video Clip Extract from an old Meeting: There is about a hundred people working on Ethereum right now. Myself, while leading the protocol design. We also have branding teams, we have marketing teams…
Gary Gensler: That fits in to something that is a security.
Vitalik Video Clip Extract from an old Meeting: Partially, better to flush out the business plan, flush out the terms partially for legal reasons!
Gary Gensler Meme: I am coming for you – implied to mean Ethereum.
One of the viewers who looked at this video opined that this looked like a Check Mate.
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