DEPOSITION TESTIMONY OF BILL HINMAN:

Q. Did you direct Ms. Starr to contact
Mr. Lubin to set up a meeting with the division of
corporate finance?

A. I don't remember doing that. It's
possible, but I don't have a specific recollection
of asking her to do that.
Q. If you'd take a look at the Bates No. 446
of Exhibit 14.

A. 446? Yeah.

Q. Did you have an understanding in advance
of the December 13th meeting with ConsenSys as to
what specific issues involving blockchain tokens
and securities regulations they wanted to address?
A. No, I don't have a recollection of a
specific set of topics.

Q. This may be an unfair question, but I'm going to ask it. Do you have any recollection of
clicking on the links to these e-mails or reviewing the documents that are associated with these links?
MR. TENREIRO: He's not copied on the e-mail, but go ahead.

A. Yeah. I was just going to say that. I'm not sure I got this e-mail, but I don't remember
clicking on any links.

Q. Do you remember doing any reading before
the December 13th meeting?
A. No, I don't.

Q. So let's go to the meeting on December 13,
2017. You attended a meeting on that date with
representatives of ConsenSys, correct?

Look at the actual deposition pages and how it’s redacted from the public. 👇

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More from @JohnEDeaton1

12 Dec
The judge specifically ruled #Bitcoin #Ether and #XRP internal documents relevant for two reasons: 1) the Court’s Howey analysis of #XRP: and, 2) Ripple’s fair notice defense. If the Court or a jury concludes #XRP is substantially similar to #BTC or #ETH, fair notice could win.
To fight the fair notice defense, the SEC makes the silly argument that Hinman’s speech was only his personal opinion - no matter how absurd and far from the truth it is. They’re making this absurd argument because they are banking on the internal documents being privileged.
There’s an internal memo analyzing #XRP, dated June 13, 2018 - one day before the Hinman Ether free pass speech. I’m speculating, but I predict the #XRP Memo helps Ripple. The judge has twice ruled these documents relevant and must be produced subject to any privilege claims.
Read 5 tweets
12 Dec
Letter from Clayton to Congressman Ted Budd:

“Your letter also asks whether I agree with certain statements concerning digital tokens in Director Hinman's June 2018 speech.
I agree that the analysis of whether a digital asset is offered or sold as a security is not static and does not strictly inhere to the instrument. A digital asset may be offered and sold initially as a security because it meets the definition of an investment contract,
but that designation may change over time if the digital asset later is offered and sold in such a way that it will no longer meet that definition. I agree with Director Hinman’s explanation of how a digital asset transaction may no longer represent an investment contract if,
Read 4 tweets
10 Dec
Imagine a well respected former SEC Commissioner who acted as a liaison between the @SECGov and #Ether investors. Imagine this Commissioner being instrumental with #Ether investors communicating with the SEC, helping it understand the underlying blockchain technology and network.
Imagine this former SEC Commissioner becoming very familiar with the #Ether Token and Network. Imagine the assistance provided by this former SEC Commissioner and securities law expert (and Stanford Law Professor) helped, in part, lead Hinman to give his #Ether Free Pass Speech.
Imagine 18 months later this former SEC Commissioner learns his colleague, Jay Clayton, is contemplating filing an enforcement action against @Ripple and #XRP, as Clayton and other senior officials are leaving the SEC forever.
Read 17 tweets
7 Dec
HOW A COUPLE RULINGS AND A BULL MARKET 📈 COULD TRANSFORM #XRP INTO THE ONLY ALTCOIN WITH CLARITY

There’s a way for the @Ripple case to end and all parties win. It requires two things: 1) favorable rulings for Ripple on fair notice & on the deliberative process privilege; and,
2) an Altcoin Bull Market 📈 causing #XRP to surpass its all time high (for example, hitting $5 dollars or higher).

Ripple owns over 50 billion #XRP. A $5 XRP equals Ripple being worth $250 billion dollars - significantly more valuable than @MorganStanley or @GoldmanSachs.
If Judge Torres denies the SEC’s motion to strike the Fair Notice Defense and Judge Netburn overrules the SEC’s claim that the #BTC #ETH & #XRP documents are privileged, @GaryGensler and the SEC could be facing a very significant precedent setting loss with huge implications.
Read 10 tweets
26 Nov
I have a question for @BrianBrooksUS. As OCC, you stated that there are too many agencies in finance and banking in the U.S. In an interview, you openly questioned: “Do we think it’s best for the Government to build a CBDC or utilize the private sector, which is already built?”
I believe, when you said that, you were referencing, at least in part, #XRP and the #XRPLedger. I say that b/c you stated the technology to build a CBDC was “already built”, but the only issue was with a lack of regulatory clarity. You definitely weren’t referencing #BTC or #ETH.
It wasn’t #BTC or #ETH b/c when you made this statement they enjoyed regulatory clarity by being declared non-securities by the SEC’s leadership plus those two digital assets weren’t associated with payments.
Read 5 tweets
21 Nov
Judge Netburn recognized the SEC’s over-broad and far-reaching theory that all XRP are securities when she recognized, according to the SEC’s own argument, that every person in the world selling #XRP is committing a Section 5 violation.

Read the SEC’s response back to her.👇 Image
The SEC attorney informed the Judge that her understanding wasn’t correct. It was this statement by the SEC attorney that helped fuel the relist #XRP campaign.

But read @bgarlinghouse’s attorney’s response regarding this same issue.👇 Image
“Contrary to what Mr. Tenreiro said, not just Ripple, not just Ripple’s affiliates, but any retail holder or any party IF THERE IS ANY INTENT TO DISTRIBUTE the security further. So it is not correct to say, that there is no potential liability throughout the XRP ecosystem.”
Read 6 tweets

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