With only 24 hours left until the Hinman documents are to be made public, Ripple CEO Brad Garlinghouse has indicated that the documents will be “well worth the anticipation.”
In response to a query posed by crypto YouTuber Jungle Inc on June 12, Garlinghouse stated that while he did not want to “exceed his bounds,” both he and Ripple’s chief legal officer Stuart Alderoty felt that the documents were worth the 18-month struggle to have them made public.
The documents related to William Hinman, former Director of the Securities and Exchange Commission, refer to internal SEC messages regarding a speech he gave in 2018. In the address, Hinman noted that cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) may initially be considered securities, but could evolve into something more like a commodity if they become sufficiently decentralized.
Many supporters of Ripple are hopeful that the soon-to-be-released documents will be of great help in understanding the legal standing of the XRP (XRP) token associated with Ripple.
The disclosure of the documents arrives during a highly unstable period for the cryptocurrency market. On June 13, the federal court will also listen to the SEC’s request to block the funds of Binance.US, following a series of legal actions against the exchange.
In December 2020, the SEC initiated legal action against Ripple, claiming that the sale of its XRP (XRP) cryptocurrency constituted an unregistered securities offering. Ripple has denied this, asserting that XRP does not meet the criteria of the Howey test.
Pro-XRP lawyer predicts an outright win for Ripple in the case against the SEC with less than a 3% chance of failure.
Many senior Ripple staff have long anticipated that the tumultuous lawsuit from the SEC will soon reach a conclusion, and John Deaton, a pro-XRP lawyer, recently asserted that Judge Analisa Torres will likely render a final ruling before the end of September.
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