The SEC vs. Ripple lawsuit has been going on for quite some time. The latest development in the lawsuit was when the letters and speech from 2018 were leaked, which showed the double-sided nature of the SEC. It also uncovered the corrupt practices in the organization. After the letters were revealed in court, XRP scored another win, and the SEC made a request to keep the speech by former SEC official Hinman under the radar. This request was turned down as the judge calls out the hypocrite behaviour of the SEC
The proceedings in court
Judge Sarah Netburn, who is overlooking the SEC vs. Ripple lawsuit, has overruled the request to keep the speech made by Hinman under wraps. In the speech, Hinman made desperate attempts to explain why Ethereum is not a security. Sarah Netburn said that the main purpose of the communications “was not to provide legal advice to aid the SEC in conducting the public’s business. The documents must be produced.” This was yet another major win for XRP in the case.
Since the judge wants the speech and documents related to Hinman’s speech to be produced, it shows that XRP has the edge over the case now. Their argument that XRP is a utility coin and not a security will have more base now.
XRP vs. SEC lawsuit
It has been more than a year and a half since the lawsuit between XRP and SEC began. While the SEC alleged that XRP is a security and has raised $1.3 billion by offering unregistered digital asset securities, XRP says that it is a utility coin. Hinman’s 2018 speech has played a huge role in tilting the case in XRP’s favor as it made their argument stronger. Since Hinman said that ETH is not a security, it contrasts what they have been saying for a while now.
The Twitter community was also stoked about the decision made by Judge Sarah Netburn on the appeal made by SEC. While some called it a major victory for XRP, others called it a “body slam.”
What are your thoughts as the judge calls out the hypocrite behaviour of the SEC in the XRP lawsuit? And who do you think will get the final victory? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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