JPMorgan (JPM) said in a research report Thursday that the release of the Hinman documents in the Securities and Exchange Commission’s (SEC) case against Ripple is a boost to ether (ETH) and is expected to precipitate a drive towards more decentralisation in the crypto market.
Ripple disclosed emails related to former Director of Corporation Finance William Hinman’s 2018 speech suggesting ether did not appear like a security last Tuesday in its defence against an SEC lawsuit.
According to the study, senior leadership at the SEC did not consider ether to be a security in 2018, and SEC officials admitted that the “fact that tokens on a sufficiently decentralised network are no longer securities creates a regulatory gap.”