Giant payment network company Ripple won its motion against the SEC agency to see emails regarding the discussion on Ethereum.
Ripple is a San Francisco-based blockchain company, which is providing blockchain and crypto-based payment solutions. For more than 1 year, Ripple is facing a lawsuit by the US SEC agency. According to the SEC agency, Ripple’s native token XRP is security and it is unregistered and Ripple also sold more than $1.2 billion worth of XRP Securities, which was illegal as per laws.
On 13 January, the Federal judge court granted the result in favour of the Ripple company, in Ripple vs SEC lawsuit.
The federal judge said that the SEC agency can’t claim that emails regarding a landmark 2018 speech on ETH ( Ethereum) are privileged documents.
In that speech, William Hinman- former SEC official- stated that Ethereum is not a security and also Ethereum is sufficiently decentralized.
SEC says XRP token security
The speech of William Hinman on Ethereum is getting better attention in this case, from the point of view of Ripple attorneys.
Because in the past, the SEC agency claimed that Ripple’s XRP is security and Ripple executives knew about it but still they didn’t register it with the agency and also they sold it publicly.
Now, Ripple’s attorneys are planning to use the statement of Former SEC official William in this case that how the SEC agency concluded that Ethereum is not Security.
Ripple attorneys believe that the past statement on Ethereum by SEC and the basic discussion that helped the SEC agency, to consider how Ethereum is not security, may help Ripple against SEC claim that Ripple (XRP) is security.
SEC chairman under pressure
A few days ago, Gary Gensler, Chairman of SEC agency, appeared in an interview with CNBC. In the interview, Gary was asked whether Ethereum is security or not. Then Gary denied to comment and said that he will not do a discussion on any particular public asset.
After this statement of the SEC chair, many experts of the Crypto industry claimed that Gary is trying to defend the SEC agency in the Ripple vs SEC lawsuit by avoiding himself to talk on Ethereum, whether it is a security or not.
Read also: Eight expert witnesses yet to testify, more delays in Ripple Vs SEC case