The US Securities and Exchange Commission (SEC) sought to suspend the testimony of his exan employee who has stated that Ethereum is not a security. Ripple can use this position to defend itself in court.
U.S. District Court Judge Sarah Netburn dismisseda petition by the Securities and Exchange Commission (SEC) to suspend the testimony of former corporate finance director William Hinman, who said in 2018 that Ethereum is not a security, Cointelegraph reports.
Then the ex-official claimed that, judging himunderstanding of the principles of the network of the largest altcoin by capitalization, Ethereum itself and its transactions are not considered securities or related transactions.
According to the publication, Hinman's statement mayhelp Ripple in litigation against the SEC. If no appeal is received from the regulator, Ripple can ask Hinman to substantiate his words about Ethereum, and then use it for its XRP cryptocurrency.
The RippleNet system allows banks to docross-border money transfers almost instantly and at minimal cost. A litigation is currently underway between Ripple and the US Securities and Exchange Commission (SEC). The financial regulator accuses Ripple of illegally selling securities under the guise of $ 1.3 billion XRP tokens.
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