Former Ripple official says SEC could win the XRP lawsuit
Matt Hamilton noted that there are still huge chances for the US securities regulatory body to win the case against Ripple, no matter what the situation is.
Ripple is a San Francisco headquartered fintech firm. This firm provides payment solutions via the use of XRP coins. In Dec 2020, The United States Securities and Exchange Commission (SEC) initiated a lawsuit against Ripple Labs & its two executives. The SEC alleged that Ripple executives sold more than $1.3 billion worth of XRP coins publicly, against federal securities laws. The SEC body also claimed that the XRP coin is a crypto security token.
On 21 May 2023, Matt Hamilton, the former Director of Developer Relations at Ripple, jumped into a discussion on Twitter and admitted that the situation is really very good for the Ripple team but noted that the US SEC could win the case because of the complex rules in the US jurisdiction.
Hamilton noted that the SEC body already admitted that Howey Test did not apply to the XRP coin, so the XRP coin was not a security asset under the purview of the SEC agency.
Court order against the SEC agency
A year ago, the SEC body filed a motion in the court to keep the Hinman documents in private domain but recently the court judge rejected the SEC’s motion and said that Hinman’s documents are “judicial documents” subject to a strong presumption of public access.
In the next few weeks, Hinman’s document will be publicly available & Ripple defense lawyers will use statements passed by the former SEC official William Hinman to prove the non-security nature of XRP token.
Now in the present time, a screenshot of an old email from the SEC agency is circulating in the crypto sector, in which the SEC indirectly admitted that the XRP coin was not a security coin. Now Ripple supporters expect that Ripple defense lawyers will use this old email as evidence in court against the SEC’s argument.
The whole situation, in this case, is showing that Ripple is standing in a very good position & there are huge chances that Ripple may secure a victory anytime in this case.
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