Ripple Labs and SEC lawsuit has been going on in the court of law for longer than a year now. However, Ripple Labs has recently managed to claim a huge winning swipe against SEC recently. The Magistrate Judge on the case, Sarah Netburn, has recently announced to SEC that former chief William Hinman produces a summary of his testimony.
It is worth mentioning that Hinman previously stated that Ethereum was not a security. According to SEC officials, there is an email containing the speech contents by Hinman. The former SEC chief delivered his speech in favor of the SEC during his service period in 2018. He held a press conference and talked in detail about why he thought that Ethereum was not a security.
James K. Filan is the former SEC prosecutor who recently posted a legal interpretation about the wider impact of the latest court ruling. Filan claimed that notes commanded by the court were a reflection of the SEC directive at the time, and they may have had a limited impact on the overall direction of the case.
In addition to the email containing the Hinman speech, the SEC is also bound by the court to turn over some documents that are records of meetings among the third party correspondences and SEC officials on the matter of Ripple Labs. Regardless of the legal opinion, many XRP investors believe that the ruling is a big win for Ripple.
Some time ago, Ripple Labs executive Brad Garlinghouse told the media that he expects the case to be over in the ongoing year. However, Magistrate Judge Sarah Netburn has recently allowed the discovery deadline to move from January to February.
The petition to call for an extension was a joint decision by the defense and prosecution counsels. Meanwhile, SEC lawyers also filed a supplementary authority presenting another case to strike a fair notice appeal by Ripple Labs. Meanwhile, Ripple’s lawyer challenged the injunction by questioning the applicability of the previous case.
Stuart Alderoty is the general counsel presiding over the Ripple Labs case. He recently appealed to the court to speed up the case proceedings. Alderoty also alleged that SEC invoked a transitory impasse for the entire cryptocurrency industry by launching the Ripple Labs unregistered securities case.