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Just before the dawn of a new day, the cryptographic community is on the brink of a significant disclosure—the long-awaited Hinman documents. Ripple's CEO, Brad Garlinghouse, hints that this reveal will not disappoint.
Garlinghouse responded on June 12 to an inquiry posed by Jungle Inc, a well-known cryptocurrency-focused YouTube personality. Careful not to cross any boundaries, he expressed his and Ripple's Chief Legal Officer, Stuart Alderoty's shared anticipation about unsealing these documents. The unveiling has been in the making for a grueling 18 months.
Named after the former Securities and Exchange Director, William Hinman, the documents encapsulate internal SEC discussions about a speech Hinman delivered in 2018. In that speech, he asserted that cryptocurrencies like Bitcoin and Ether, initially perceived as securities, could transition into commodities as decentralization progresses.
Supporters of Ripple are holding their breath, hoping these documents will shed new light on the legal standing of Ripple's native token, XRP. The implication is that this unveiling could be a turning point in Ripple's ongoing legal saga. The timing of this disclosure is crucial, as the cryptocurrency industry is grappling with tumultuous times. On the same day, June 13, Binance.US faced the SEC in federal court, where a motion to freeze the exchange's assets was presented. This follows a string of legal issues faced by the exchange.
The legal battle with Ripple began in December 2020 when the SEC accused the company of conducting an unregistered securities offering through their XRP token sales. Ripple has remained steadfast in its stance that XRP does not meet the criteria to be classified as a security under the Howey test.
The company's executives have optimistically anticipated a quick resolution to the lawsuit. John Deaton, a lawyer advocating for XRP, has even gone so far as to predict a final decision by Judge Analisa Torres before September 30 of this year.
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