- Legal action by the SEC against Ripple began in December 2020.
- The current price of XRP stands at $0.5285.
Ripple CEO Brad Garlinghouse states in a new tweet that the much-awaited “Hinman documents” were “well worth the wait,” hinting at their possible relevance in the current legal struggle between Ripple and the US Securities and Exchange Commission (SEC).
Responding to a query from Jungle Inc, a cryptocurrency YouTuber, on June 12 via Twitter, Brad Garlinghouse mentioned that he and Ripple’s chief legal officer Stuart Alderoty believe that the unsealed “Hinman documents” make the 18-month legal fight worthwhile while being cautious not to go beyond their authority.
By suggesting in his tweet, Garlinghouse hints at the possibility that the long-awaited Hinman documents might provide crucial information about the regulatory status of digital assets. That also includes XRP. In Ripple’s ongoing legal battle with the SEC over XRP’s security classification, the document contents could be highly significant.
The term “Hinman documents” refers to internal communications within the SEC concerning a 2018 speech made by former Securities and Exchange Director William Hinman. During the speech, Hinman proposed that while cryptocurrencies such as Bitcoin and Ether might be deemed securities in the beginning. And they could transform into something resembling commodities once they attain a substantial degree of decentralization.
Legal action against Ripple by the SEC was initiated in December 2020. With the allegation that the sale of its native XRP (XRP) token constituted an unregistered securities offering. As per CoinMarketCap, the present price of XRP stands at $0.5285, accompanied by a 24-hour trading volume of $1,194,706,040. Over the past 24 hours, XRP has observed a rise of 2.39% in its value.
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