• Ripple’s CEO Brad Garlinghouse hints at the immense value of the Hinman documents, which could shed light on the legal status of Ripple’s native XRP token.
• The unsealing coincides with a federal court hearing on freezing Binance.US assets and a verdict is expected by September 30th.
• Ripple advocates believe that the documents will prove XRP to be a commodity, rather than a security.
Ripple’s CEO Hints at Value of Hinman Documents
Ripple’s CEO Brad Garlinghouse has hinted at the immense value of the Hinman documents, which could shed light on the legal status of Ripple’s native XRP token. These records have been highly anticipated for 18 months and are finally being unsealed coinciding with a federal court hearing on freezing Binance.US assets and a verdict expected by September 30th. Advocates firmly maintain that these documents will prove XRP to be a commodity, rather than a security.
SEC Launches Legal Action Against Ripple
The Securities and Exchange Commission (SEC) launched its initial legal action against Ripple in December 2020 alleging that it conducted an unregistered securities offering through its sale of XRP tokens. 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
Hinman Document Dive into Internal SEC Exchanges
The Hinman documents delve into internal exchanges within the SEC regarding a pivotal speech given by former Director William Hinman in 2018 during which he expressed that while cryptocurrencies such as Bitcoin and Ether may initially exhibit traits of securities, they possess potential to evolve into commodities once they achieve significant level of decentralization.
Anticipation Builds Around Unsealing
As anticipation builds around these records prior to their long-awaited unsealing, Garlinghouse cautiously acknowledges that both he and Ripple’s chief legal officer, Stuart Alderoty, firmly believe that its contents justify their grueling 18-month battle to obtain them.
Verdict Expected by September 30th
The federal court is set to hear the SEC’s motion to freeze Binance US assets today coinciding with the unveiling of these documents; furthermore, it is also expected to deliver its verdict on this case by September 30th.