Ripple CEO approves Hinman documents.
With only one day left until the Hinman documents are supposed to be revealed, Ripple CEO Brad Garlinghouse believes the documents will be worth the wait. In a Twitter reply on June 12, Garlinghouse stated that he and Ripple’s chief legal officer Stuart Alderoty believe the documents are worth the 18-month legal battle to unseal them.
Although I wish I could provide more information, we’ve been waiting for this for over 18 months, so I don’t want to overstep… suffice it to say that @s_alderoty and I believe that the documents are well worth the wait.
— Brad Garlinghouse (@bgarlinghouse) June 12, 2023
The Hinman documents refer to internal SEC messages about a speech given by former Securities and Exchange Director William Hinman in 2018. In the speech, Hinman indicated that while cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) may initially be considered securities, they could eventually become more like commodities once they become decentralized enough.
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Many supporters of Ripple believe that the release of the documents will provide further insight into the legal status of Ripple’s native XRP (XRP) token.
The release of the documents comes at a turbulent time for the crypto industry. On June 13, the federal court will hear a motion by the SEC to freeze the assets of Binance.US, following a spate of legal action against the exchange.
The next 36 hours will be critical for crypto. Today at 5 pm: @Binance files its opposition to SEC’s motion for order freezing assets of @BinanceUS Tomorrow at 2 pm: Hearing on SEC’s motion to freeze assets Tomorrow (sometime): Release of summary judgment exhibits (including Hinman…
— MetaLawMan (@MetaLawMan) June 12, 2023
The SEC first took legal action against Ripple in December 2020, claiming that the sale of its native XRP (XRP) token represented an unregistered securities offering. Since then, Ripple has denied that XRP is a security, arguing that it does not satisfy the Howey test.
Related: Ripple case: Pro-XRP lawyer tips outright SEC victory at ‘less than 3%’
While many top Ripple executives have been predicting an imminent end to the rollercoaster lawsuit with the SEC, pro-XRP lawyer John Deaton recently claimed that presiding Judge Analisa Torres would almost certainly come to a final decision by September 30 of this year.
1. Hearing on motion to seize Binance assets in DDC; 2. Release of Hinman docs in SDNY; 3. SEC response to order on @Coinbase petition in 3rd Cir. Not every federal court day is eventful in crypto, but tomorrow is. May God bless the US Courts.
— paulgrewal.eth (@iampaulgrewal) June 13, 2023
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