Ripple CEO Thinks Hinman Document Release Was Worth the Wait

The legal battle between the United States Securities and Exchange Commission (SEC) and blockchain firm Ripple may soon take a turning point, as the company’s CEO Brad Garlinghouse has revealed that the long-awaited Hinman documents are “worth the wait”.

on a monday do And in response to a question from crypto YouTuber Jungle Inc, the chief executive expressed a desire to delve deeper into the documents, but decided not to proceed, as the community had waited so long to get to the point. did.

worth the wait

The Hinman documents, released on June 13, refer to internal SEC messages related to a 2018 speech by former director William Hinman in which ether (ETH) was classified as a commodity. The former SEC official explained that although bitcoin (BTC) and ETH started as securities, they could become commodities once they become decentralized enough.

Ripple insisted that its native token, XRP, was sold in the same way as ETH when it was founded, and that since the latter was not classified as a security, the former was also a commodity.

The SEC has been on Ripple’s case for roughly two years, alleging that the sale of XRP was an unregistered securities offering. On the other hand, the company has been denying the allegation on the grounds that the token does not meet the requirements of the Howey test. Both the entities are engaged in several back-and-forth motions, preventing the court from resolving the matter.

Ripple’s legal team demanded a transcript of Hinman’s speech to substantiate its claims. New York Judge Annalisa Torres ordered the agency to submit the documents in September 2022, despite the SEC’s many objections.

eventful week

Garlinghouse’s latest statement comes as several digital asset companies prepare to legally face the SEC in what will be an important week for crypto.

Binance.US, the US affiliate of the world’s largest crypto exchange Binance, is set to resist the commission’s proposal to freeze its assets, in line with a lawsuit filed on June 5; The SEC sued Global Entity for operating an unregistered securities exchange, broker and clearing agency.

Furthermore, the SEC is set to comply with an order from the Court of Appeals for the Third Circuit to explain its stance on the Coinbase rulemaking petition within seven days, as it took enforcement action against the crypto exchange over alleged securities law violations.