Another small victory for Ripple.
The Securities and Exchange Commission has filed a motion to suspend the testimony of former SEC finance director William H. Hinman. In 2018, he stated that Ethereum is not a security. But US District Court Judge Sarah Netburn denied the request.
“Then the ex-official argued that, judging by his understanding of the principles of the network of the largest altcoin by capitalization, Ethereum itself and its transactions are not considered securities or related transactions.”
This statement could help Ripple in its litigation against the SEC. It will be enough for them to request a justification for the words of the former director about Ethereum.
A federal judge ruled that Ripple Labs Inc may question a former SEC employee about the agency’s policy decisions.
Congratulations to Ripple on a small victory! We will follow the news.