Emails released by Ripple in its defense against an SEC lawsuit show SEC officials discussing the clarity of a speech given by former Director of Corporation Finance William Hinman in 2018, in which he stated that Ether did not look like a security. The emails reveal that SEC officials debated how clear the speech was in expressing the view that Ether was not a security, with some suggesting the language could be stronger. The emails also suggest tying the speech closer to the Howey Test, a landmark Supreme Court case commonly used as a test for determining whether something is a security. Ripple has been sued by the SEC on allegations that the firm sold unregistered securities, which has an impact on XRP prices.