New Development in Ripple’s SEC Case New Findings May Strengthen Ripple’s Hand

Even though the SEC’s opposition to the Ripple case’s disclosure of the Hinman records was overruled it became apparent that the institution’s internal communication included facts that would alter the case in favor of Ripple .

SEC Emails Support Ripple

The evidence shows that one of the SEC emails argues that XRP may not be qualified as a security. According to the email, “there are reasonable grounds to conclude that XRP does not meet all requirements of the Howey test, thus cannot be regarded as a security .”

The Howey test is often used to determine whether an asset is a security . It is acknowledged that XRP did not pass the Howey test in the email which is said to have been authored by an SEC employee .

Documents Will Be Released on June 13

Ripple and the SEC have been engaged in a legal battle since December 2020 . The SEC sued Ripple and its management claiming XRP was a “security” and that the business was conducting off-the-record sales . The lengthy court case is finally coming to a close . An major event has occurred over the last several days with the SEC’s plea to maintain the confidentiality of the William Hinman papers being denied . On both Ripple’s and the SEC’s behalf the court agreed to postpone the filing of these materials until June 13 .

The Hinman Papers Are Vital for Ripple’s Defense

The Hinman papers are essential evidence . One of the mainstays of Ripple’s case is a speech Hinman gave in the past on Ethereum .

In a speech given in 2018 former SEC officer William Hinman said that cryptocurrencies like Bitcoin and Ether do not qualify as securities . Ripple, meanwhile claims that there are significant parallels between XRP and Ether and maintains that XRP is not a security .

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