The judge in the case of the American regulator and the company Ripple allowed the agency to correct the drafts of the speech of the former SEC chief financial officer William Hinman.
Former U.S. Attorney and Ripple Attorney James K. Filan tweeted the news. Justice of the Peace Sarah Netburn granted the U.S. Securities and Exchange Commission (SEC) motion to amend two documents related to William Hinman’s June 2018 speech.
During the speech, the chief financial officer stated that the ether is sufficiently decentralized, therefore, it may not be classified as a security. The SEC clarified that the proposed amendments address pending issues related to the agency.
The Ripple team hopes that the materials of the speech of the former official will help win the legal battle with the SEC, which at the end of 2020 accused the company of conducting an unregistered ICO. The regulator is convinced that XRP is a security. And Ripple’s leadership insists that if the SEC does not consider Ether an investment contract, it should also hold the same opinion with respect to XRP. Although SEC Chairman Gary Gensler recently suggested that after Ethereum’s transition to a Proof-of-Stake (PoS) consensus algorithm, Ethereum could be subject to securities laws.
In October, Ripple got the court to obtain the “Hinman documents” and drafts, which are still considered confidential. It took the company 18 months to do this, as the SEC prevented the issuance of materials.
Earlier, Ripple CEO Brad Garlinghouse said that only the US Congress can influence the SEC’s approach to regulating crypto assets, as the regulator does not respond to requests from cryptocurrency companies to clarify the standards that companies must meet.
Source: Bits
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