In the latest development, Ripple Labs has been given permission to seek testimony from former Securities and Exchange Commission (SEC) corporate finance director William Hinman.
For the record, Hinman is the individual who claimed Ethereum as ‘non -securities’ in 2018.
The approval from judge Sarah Netburn was a golden opportunity for Ripple to seek clarification from Hinman on how the policy for the status of an asset was decided.
Indirectly, Hinman’s 2018 ‘non -securities’ allegations of Bitcoin (BTC) and Ethereum could provide a clear picture of how the SEC determines asset status, thus developing evidence against market participants who view XRP as a security.
However, the SEC claimed that Hinman's statements that year were personal, did not represent the agency and had nothing to do with the case:
"It should be up to high-ranking government officials to give statements regarding every law or policy they have outlined. This will disrupt the functioning of government agencies as it does not allow those who are qualified to give explanations."
For the record, Hinman served with the SEC from 2017 through 2020 in the management of blank check companies, including confidential filings, and alternatives to conventional initial public offerings (IPOs) as well as direct listings.
Hinman is expected to testify before the court on Monday, July 19, 2021.
