Just one day prior to the release of the eagerly anticipated Hinman documents, Ripple CEO Brad Garlinghouse hinted at the potential significance of the information they might contain. In a recent Twitter reply to crypto YouTuber Jungle Inc, Garlinghouse noted that both he and Ripple’s chief legal officer Stuart Alderoty believe the documents to be “well worth the wait” following an 18-month battle for their unsealing.
The Hinman documents consist of internal SEC messages regarding a 2018 speech by former SEC Director William Hinman. The speech noted that cryptocurrencies like Bitcoin (BTC) and Ether (ETH) may initially be considered securities, but could eventually transition to more of a commodity status as they become increasingly decentralized. Ripple supporters are optimistic that insight into the legal standing of Ripple’s native XRP token will be provided when the documents are unsealed.
This development arrives during an especially tumultuous period for the crypto industry. Alongside the release of the Hinman documents, June 13th will also see the federal court hear the SEC’s motion to freeze the assets of Binance.US, continuing on from the recent series of legal actions against the exchange.
The SEC initially took legal action against Ripple in December 2020, claiming that the sale of its native XRP token constituted an unregistered securities offering. Ripple has since countered that XRP is not a security, as it does not meet the requirements of the Howey test. Pro-XRP lawyer John Deaton recently predicted that Judge Analisa Torres is likely to come to a final decision in the case before September 30th this year.
As this legal saga continues to unfold, the crypto market, specifically investors and enthusiasts of XRP, keenly await the unsealing of the Hinman documents. The information contained within them may potentially shift the balance in Ripple’s favor and provide some clarity in the ongoing battle with the SEC. However, what remains to be seen is whether the documents will be as groundbreaking as anticipated, and whether they will ultimately have a significant impact on the future of Ripple and the broader crypto industry.
Source: Cointelegraph
