With only one day left until the Hinman documents are declassified, Ripple CEO Brad Garlinghouse suggests the documents will be “well worth the wait.”
In a Twitter response on June 12 to a question posed by crypto YouTuber Jungle Inc, Garlinghouse said that while he didn’t want to “extend himself,” both he and Ripple’s chief legal officer, Stuart Alderoty, believe the documents deserve scrutiny. 18 month fight to get them declassified.
Wish I could go in depth now, but we’ve waited this long (18+ months), I don’t want to overstep… suffice it to say @s_alderoty and I believe they were well worth the wait.
—Brad Garlinghouse (@bgarlinghouse) June 12, 2023
I wish I could go deeper now, but we’ve waited so long (over 18 months) that I don’t want to go too far… suffice it to say that @s_alderoty and I think the wait has been worth it.
The Hinman documents refer to internal SEC messages regarding a speech pronounced in 2018 by former Securities and Exchange Director William Hinman. In the speech, Hinman said that while cryptocurrencies like Bitcoin (BTC) and ether (ETH) may start out as securities, they may become more of a commodity once they are sufficiently decentralized.
Many Ripple advocates believe that the imminent disclosure of the documents will be instrumental in providing more information about the legal status of the XRP token (XRP) native to Ripple.
The disclosure of the documents comes at an extremely turbulent time for the cryptocurrency industry. The SEC’s motion to freeze the assets of Binance.US will also be heard in federal court on June 13, after a series of legal actions against the exchange.
The next 36 hrs will be critical for crypto.
Tomorrow 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 next 36 hours will be critical for cryptocurrencies.
Today 5 pm: @Binance Files Opposition to SEC Motion to Order @BinanceUS Asset Freeze
Tomorrow 2 pm: Hearing on the SEC’s motion to freeze assets
Tomorrow (sometime): Publication of the evidence of the summary judgment
The SEC first took legal action against Ripple in December 2020, alleging that the sale of its native XRP (XRP) token represented a unregistered securities offering. Ripple has since denied that XRP is a security, arguing that it does not satisfy the Howey test.
While many senior Ripple executives have long been predicting an imminent end to the SEC lawsuit roller coaster, pro-XRP attorney John Deaton recently claimed that presiding judge Analisa Torres would almost certainly reach a final decision before September 30 of this year.
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