New Round Of Ripple Vs SEC Case: Hinman Documents Will Be Released To The Public, Unload Regulatory Relations With Ethereum

XRP, a cryptocurrency launched by Ripple. (Photo; Doc. Cryptoinforme)

JAKARTA The issue of a legal feud between the US Securities and Exchange Commission (SEC) and Ripple Labs has reached a new chapter with the release of files related to Hinman's Speech to the public. Currently, the responsibility is in the hands of Judge Analysis Torres to give a summary decision (Summary Judgement) which is eagerly awaited.

In essence, Hinman's document reveals that the SEC supports Ethereum, compared to other crypto tokens. Hinman stressed that digital assets offered as securities can eventually turn into non-securities.

Even so, he chose to name only Ethereum that was not a security, while XRP holders had been affected by Ripple's lawsuit with the same argument.

In March 2023, Judge Torres decided on the motion proposed by both parties to rule out expert testimony. More than 100 days since the March verdict, the Summary Decision is still awaited.

This delay is longer than the average Hakim time taken from Dauber's ruling in previous cases, and therefore, the Summary Decision in Ripple's lawsuit is expected to come at any time.

The US Federal Reserve has announced that the FedNow Service will start operating in July 2023. This service facilitates instant payment services by financial institutions across the United States, at all times and throughout the year.

Interestingly, among the banks that have joined for the July 1 launch are three banks partnering with Ripple: Finastra, Volante Technologies and ACI Worldwide. Therefore, the crypto community is wondering if Ripple's lawsuit decision should be submitted before the launch of FedNow to ensure legal compliance.