The judge permits Ripple to depose Bill Hinman, the SEC official who called Ethereum as not being a security. There are high chances that Bill Hinman, the SEC official, could be summoned by the court to testify. He has to probably testify on some of the comments he made regarding the security status of Ethereum in 2018.
Ripple Doesn’t Want The SEC To Form Regulations Relating To XRP Transactions!
The fintech firm which is based in San Francisco, Ripple, has emerged victorious in its fight against the US SEC. Sarah Netburn, Judge, District Court of the US has refused the motion of the SEC to suppress and oppose the deposition of Willian Hinman! William Hinman was formerly the Corporation Finance Division’s director of the SEC.
The ruling was given on Thursday in the beautiful city of New York. In his speech of 2018, Hinman commented that due to the decentralized structure of Ethereum, it seems like it is not secure! He added that the current sales and offers relating to Ether do not seem to be securities transactions. This is a major victory to the claim of Ripple regarding the token of XRP not being a security.
Ripple now has the authority to directly ask Bill to testify on his decision relating to Ether not being a security. Previously, Ripple has staged arguments that regulating XRP as securities transactions don’t fall under the authority of the SEC. The logic given was that XRP is only an exchange medium that gets used for domestic and international transactions! Bloomberg has stated that SEC fought this subpoena saying that this ruling will subject government officials of high level to depositions relating to every policy, regulation, or law that they commented on or consulted on!