Ripple Discovery Would Chill All Agency Debate, SEC Says (1)

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thedinarian@thedinarian

August 03, 2022

Ripple Discovery Would Chill All Agency Debate, SEC Says (1)

Orders requiring the SEC to turn over internal documents related to a 2018 speech on digital assets aren’t just wrong on the law, they are likely to have a chilling affect on policy deliberations throughout the federal government, the agency says.

The Securities and Exchange Commission is fighting to keep Ripple Labs Inc. from getting documents related to the speech by William Hinman, then the Director of the Division of Corporation Finance.

Magistrate Judge Sarah Netburn rejected the agency’s objections based on relevance and the deliberative process privilege in a series of discovery orders this spring. The latest order, dated July 12, denied SEC’s motion to claim attorney-client privilege over the documents.

In its July 27 brief asking US District Court for the Southern District of New York Judge Analisa Torres to toss Netburn’s orders, the agency argues that the speech didn’t reflect SEC policy, but rather what advice his division would give the agency.

Although the SEC maintains that it isn’t bound by Hinman’s speech, it says that Hinman’s remarks still provided “meaningful information” to the public about the division’s approach to regulating digital assets. The communications surrounding the speech therefore ought to be protected by the deliberative process privilege, it says.

In other words, the agency would like to have it both ways, which Netburn has said pointedly, more than once, that it cannot do. Either the speech was intended to reflect agency policy, or it wasn’t, Netburn said.

In the speech, delivered at a Yahoo Finance All Markets Summit in San Francisco on June 14, 2018, Hinman explained, among other things, how the agency might analyze sales of digital tokens as “investment contracts” under SEC v. Howey.

Hinman also said that, in his view, offers of sales of Ether—a digital token that Ripple has said it understood to be similar to XRP, the digital asset and allegedly unregistered security it developed—weren’t securities transactions, at least “in their present state,” due in part to Ethereum, the decentralized network Ether traded on.

The SEC’s objections characterize Hinman’s remarks as an invitation for industry to consult with SEC staff, rather than a statement of agency policy, but some in the profession didn’t see it that way.

According to Foley & Lardner LLP partner Pat Daugherty, many securities lawyers understood that Hinman’s guidance could be relied upon for advising clients, not as a framework for approaching agency staff.

Daugherty leads the firm’s digital assets practice, but spent time inside the SEC when he served as counsel to former SEC Commissioner Edward Fleischman in Washington.

Informal Procedures

Hinman wasn’t conveying official agency policy in his speech because a majority of commissioners had “voted not to approve its content,” but that doesn’t mean the communications around his speech weren’t agency business, the SEC claims.

Senior agency officials “routinely give speeches that provide meaningful information to the public about staff approaches to legal and policy issues, even if those approaches do not formally bind the agency itself,” the agency argues.

Whether the speech was or wasn’t adopted by the SEC is something that Ripple contests.

If the speech in fact reflected agency policy, “then that really heightens the impact of that speech for Ripple’s fair notice,” Ripple’s counsel argued when it was seeking to take Hinman’s deposition last year.

In 2018, those who practiced in the field “were desperate for some guidance—any guidance—from the SEC or its staff,” Daugherty told Bloomberg Law.

He said he told an SEC staffer as much while at the Ray Garrett Institute at Northwestern University, held about two months before Hinman’s San Francisco speech.

She replied that he was “working on a statement that he would be delivering soon, as indeed he did. The plain implication of her comment was that the Bar would have guidance that it could rely upon in advising clients,” he said.

After former SEC Chairman Jay Clayton testified on Capitol Hill a couple of weeks later and referred to Hinman’s speech “in a manner that was obviously intended as an endorsement,” lawyers in the field understood that they “could rely on what the SEC’s Chairman had to say as well as what the Director of Corp Fin had to say,” Daugherty said.

“There was no daylight between their views,” he said.

Even if not official agency policy, according to Hinman’s deposition testimony, the Division of Corporation Finance “generally, but not always” applied the framework he outlined in his speech.

He said there were “other factors that may be relevant that are not in the framework, things that are more derived from the Gary Plastics case, for one.”

But Gary Plastic itself was also featured in the speech, with Hinman saying it “teaches us that the instrument can be part of an investment contract that is a security.”

According Daugherty, the bar “always” relies on speeches and other informal communications by SEC officials. “I learned this myself while working at the SEC. It is especially important in areas of the law where the terrain is novel and the precedents scarce, as was the case with digital assets in 2018 and is still the case today,” Daugherty said.

In Daugherty’s view, the “present Commission seems intent on keeping the law obscure, so that it can pursue a policy and practice of regulation by enforcement rather than regulation by regulation.”

https://news.bloomberglaw.com/us-law-week/ripple-discovery-threatens-to-chill-all-agency-debate-sec-says

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Ripple Discovery Would Chill All Agency Debate, SEC Says (1)

Orders requiring the SEC to turn over internal documents related to a 2018 speech on digital assets aren’t just wrong on the law, they are likely to have a chilling affect on policy ...

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New Human Force

Join this Now! YOU have what it takes!

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ALL HUMANS LIVE HERE, and ONLY HERE, in this

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It’s not a question of Mind over Matter as there is only Mind and it cares not for Matter. That’s residue.

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thedinarian@thedinarian

August 31, 2025

The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

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thedinarian@thedinarian

August 30, 2025

US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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