US District Court Judge Mr. Torres ordered the SEC to hand over Hinman documents to Ripple Labs after several months of disputes. These documents were related to former Division Director Mr. Hinman, who stated that cryptocurrencies like BTC are not securities. The crypto industry should be thankful to Ripple for fighting this case, as they had spent millions of dollars on legal fees.
Ripple Labs has almost won the case against SEC
As per the reports, Ripple Labs won its most important legal battle against SEC last month as Mr. Torres asked SEC to release all the documents related to the former SEC Division Director, Mr. William Hinman. The documents are related to a speech the Director delivered at Yahoo Finance All Market Summit 4 years ago. The speech is considered to be very important in the crypto industry due to several reasons.
William Hinman started his speech by mentioning that ETH was not a security. Ripple Labs found the speech as evidence against the case SEC filed against them, alleging that Ripple’s XRP sales violated US securities laws. However, it’s not clear whether the language of Hinman’s speech will be helpful for the company as suggested. The probable circumstances surrounding the speech and also the actions of William Hinman might become a source of big confusion, which will not be good for the country.
Mr. Torres’s conclusion to revoke the objections of the SEC to release all the documents clarified that the orders of Mr. Netburn are error-free, and the SEC should comply with it and hand over all emails and documents which are related to Hinman to Ripple Labs. It is also very good news for Ripple Labs right now.
SEC filed a case against Ripple Labs
As you know, the case judge, Mr. Torres, ordered the SEC to hand over Hinman documents to Ripple Labs after Ripple Labs won the legal battle against them. However, two years back, SEC filed a suit against Ripple Labs and its current CEO, Mr. Garlinghouse, saying the company’s crypto coin, XRP, is mainly security because the company was using it to raise funds in 2013.
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