The US Securities regulatory body took a new legal step to defend and protect the agency’s former official statement on Ethereum.
US Securities and Exchange Commission (SEC) is a regulatory body in the US, which keeps regulations on all Securities and Spot cash markets. At present, the SEC agency is actively working against the Ripple company as a priority to prove the native token of Ripple as a Security, which is unregistered with the SEC agency.
According to James K. Filan, Defense lawyer, the SEC agency filed another motion to protect the documents of Hinman’s emails, to avoid submission in the court.
Hinman is a former head of Corporation Finance of SEC. Hinman passed his statement in favor of Ethereum and confirmed that Ethereum is a Cryptocurrency not a Security. Hinman’s statement on Ethereum was made in mid of 2018 and now Ripple wants to use the statement of Hinman in support of XRP Token against the claim of SEC agency on XRP, which considered XRP as security, not a digital asset.
Ripple Vs SEC lawsuit
Initially, the case was filed by the SEC agency in December 2020. Through the filed case, the SEC agency claimed that XRP is a security and also company sold more than $1.2 billion worth of XRP Unregistered security publicly.
Present situations are showing that Ripple firm is standing confidently against the SEC agency because of the documents related to the Hinman statement on Ethereum.
According to experts’ point of view, Hinman’s statement on Ethereum will apply equally to XRP tokens, and in that situation, Ripple will win the case completely.
Recently, Defensive attorneys of Ripple also noted that there are very few chances to see new delays in the Ripple vs SEC case because not many new things can enter.