SEC vs. XRP Lawsuit Update: Ripple Partners with SBI Motor Japan
DUBAI, UAE – Attorney James Filan, Ripple Labs, a lawyer in the SEC vs. XRP case, gave an update on the case proceedings. If you can remember, the Securities and Exchange Commission attempted to file an “attorney-client privilege” to prevent any disclosure of the William Hinman speech, which has been central to this lawsuit.
After it was granted through a text-only document by Judge Sarah Netburn, Ripple also requested to make a reply to this request on May 13th. Judge Netburn also granted this request, and Ripple will give the SEC’s reply to whatever question or statement on Friday.
According to spectators, the “attorney-client” privilege requested by the SEC was a last-minute attempt to delay justice. The William Hinman statement is solid proof that Ripple Labs could leverage to possibly win the case. It contains contradicting statements from former SEC director William Hinman for which the SEC is filing a lawsuit.
William Hinman stated back in 2018 that Ethereum is not a security, which means that ETH is not required to be registered. Ripple should be getting the same treatment if this were the case. Apart from the speech, William Hinman’s documents contain email exchanges that could potentially strengthen the defence of Ripple Labs.
Although the case is moving slowly due to delays, Ripple Labs is doing fine business-wise. Recently, it partnered with Japan’s “SBI Motor Japan” in terms of payment transactions. The company is now allowing crypto transactions using Bitcoin and XRP and is planning to add more in the future. SBI Motor Japan is the first e-commerce site in Japan that supports XRP transactions.
Banco Galicia, a bank based in Buenos Aires, has also supported Ripple as it opened its doors to XRP trading with other cryptocurrencies. Even though Ripple was delisted from many exchanges in the United States, it started gaining popularity and trust in offshore companies.