• Lack of court activity in the past few days channels focus on Bill Hinman’s recent testimony. 

• According to CryptoLaw’s John Deaton, Hinman would have admitted to committing an offense had he made some admissions in his response. 

Ripple Labs was recently awarded a partial victory in the case against the US Securities and Exchange Commission (SEC) on the security status of XRP. However, the SEC has refused to back down after they filed for an appeal. The lack of court activity in the past few days put the former director of the SEC’s corporation finance division Bill Hinman in the spotlight as Amicus Curiae attorney John E. Deaton commented on his testimony.

Hinman’s involvement in the whole case came from his 2018 speech when he said Bitcoin and Ethereum should not be classified as securities due to their decentralized nature. 

Hinman was earlier asked if he knew about the involvement of Simpson Thacher in the Ethereum Alliance. However, he said he only got to know about his involvement a month or two after leaving the SEC. In response to this, Deaton has said that Hinman would have admitted to violating 18 USC 208 if he answered otherwise. 

Sometimes you can guarantee something if you’re clairvoyant. I said when Hinman is asked if he knew Simpson Thacher was a member of the EEA when he gave his speech, he would deny knowing it. His depo was unsealed and look here. He has to b/c if he admits knowing, he admits to violating 18 USC 208.

Throwing light on 18 USC 208 and Ripple’s Filing Impact on XRP

18 USC 208 has to do with financial conflict of interest. 

The statute prohibits all employees from participating in any particular Government matter that will have a direct and predictable effect on their financial interests. It also prohibits employees from acting in Government matters that will affect the financial interests of others with whom they have certain relationships.

Regardless, this new focus is said to not affect the motion for interlocutory appeal. According to Deaton, this action would have little impact on the existing ruling as Judge Analisa Torres may not give any different ruling from what was issued earlier. The court has given Ripple up to September 1 to respond to SEC’s motion. SEC is also required to file a response to Ripple’s filing by September 8.

Whatever the case, the XRP investors’ sentiment would be influenced by Ripple’s filing. Similarly, a court decision on Binance and Coinbase’s case against the SEC could have a huge impact on the crypto prices. 

As of press time, XRP was trading at $0.515508. The asset has failed to break the resistance band of $0.5750 – $0.5900 while attempting to stay above the $0.51 support level. Analysts predict that the asset could break this resistance level when the court dismisses the SEC’s motion.

Other than that, XRP could fall further to trade within $0.4920 – $0.4780 since the 14-Daily RSI is currently at 34.36. The 50-day and 200-day EMAs also show a bearish signal. Another look at the 4-hourly Chart validates the “bearish near and longer-term price signals.” A positive result from the Ripple filing could trigger a rally from the 50-day EMA to the $0.5750 – $0.5900 resistance level and the 200-day EMA. 

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