- Ripple Labs may end up winning the SEC lawsuit as the case comes to an end.
- A speech made by William Hinman in 2018 has been added to evidence.
- As a result, XRP’s price rallied 11+% over the past 24 hours.
The lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has gone on for two years. As the legal tussle comes to an end, it seems that Ripple Labs may end up winning the case.
Both sides have presented valid arguments throughout the duration of the court case, but neither side was able to sway the court in favor of making a decision. However, this changed during the early hours of September 30, as Hinman’s speech was included into evidence.
Judge Torres, the judge for the Ripple vs SEC lawsuit, recently ordered documents from Hinman to be released by the SEC. The reason why this is an exciting development in the case is because the SEC’s former Finance Director, William Hinman, had noted in his speech that Ethereum (ETH) was not a security.
Hinman’s exact words were:
Based on my understanding of the present state of Ether, the Ethereum network, and its decentralized structure, current offers and sales of Ether are not securities transactions.
This speech, which was made in June 2018, could result in the SEC closing the lawsuit if it is found respectable by the court.
As a result of the development, the price of XRP is trading at $0.4909 after a hike of 12.81% boost in price over the past 24 hours, according to CoinMarketCap. Despite this, XRP’s price is still down 7.96% for the week. As a result, the remittance token is ranked as the sixth biggest project in terms of market cap at the time of writing.
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