JAKARTA Ripple's feud with the US Securities and Exchange Commission (SEC) which took more than 2 years, began to find a bright spot. Recently, Analisa Torres Judge rejected the SEC's motion to cover up Hinman's documents regarding his controversial statement.
Former SEC official William Hinman or Bill Hinman, in a speech in 2018, has stated that Ethereum is not a security. The statement is considered to have a relationship between the SEC and crypto number two based on its market capitaliasation.
The SEC intends to seal Hinman's speech documents from the court or public. However, the motion has been rejected by the Judge who heads the Ripple vs SEC trial, Analysis Torres. Currently both parties are still waiting for the final verdict from the court.
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According to Coingape's statement, based on court files, the SEC requested to seal Hinman's Speech Documents because it reflected non-public discussions by the agency's officials. However, the court rejected the SEC's objection filed against the judge's findings at the trial, Sarah Netburn.
Judge Netburn found that the well-known Hinman Speech document was not included in the process of discussing or the rights of a lawyer's client as claimed by the US SEC. Meanwhile, the commission argued that the controversial document had to be sealed because it was irrelevant to mention in the Motion of Summation of Decision.
This court decision provides an advantage for Ripple Labs in its legal battle with the US SEC over the sale of XRP digital assets. Market observers and the cryptocurrency community are interested in seeing how the final verdict in this lawsuit will affect Ripple's future and regulations in the digital asset sector.
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