Since the start of the lawsuit, the SEC has refused to question the document. She had even opposed the order last July. Today, no more recourse possible for the Security and Exchange Commission! The federal court judge in charge of the crypto case (SEC VS Ripple) demands that the Hinman documents be handed over.
Brand New SEC vs Ripple Crypto Case Twist Involves Hinman Document
The Hinman document: kezako?
The Himman Document is a 2018 speech draft by William Hinman. At the time director of the SEC’s Corporate Finance Division, this draft speech claims that XRP did not constitute securities-related activities. Which makes the document important evidence for the trial, but especially for Ripple.
As a reminder, the very heart of the lawsuit concerns the status of XRP. On the one hand, the SEC considers the token as a security. It should therefore comply with SEC regulations. On the other side, Ripple argues that XRP does not represent a security in any way.
Since the beginning of the case, the SEC has always refused to disclose this file. Claiming firstly that these documents contain staff deliberations and are therefore protected against discovery. Then, SEC officials asserted that Hinman’s comments in the document could not be considered the agency’s position. Arguments that did not convince judge Analisa Torres. Hence the official court order to the SEC to hand over the document.
Crypto case: Decision in favor of Ripple!
Many see this turnaround as a victory for Ripple. Admittedly, the judge has not yet pronounced the final verdict. But it is a battle won. The new, now official evidence will force justice to issue a decision sooner than expected.
If the experts indeed thought that the court would render a verdict by 2023, this news may speed up the process. Which is highly beneficial for Ripple, and XRP tokens.
Since the beginning of court case, the XRP token has indeed experienced a considerable rise in the market. The media coverage of the case has led to growing interest in this cryptocurrency. Following the news, the price of XRP even increased by 10%. This token is currently trading at $0.50. A rise that will undoubtedly explode, once the verdict is rendered. A verdict that today leans more towards Ripple!
Pending the final decision of the judge in the case, the Ripple VS SEC lawsuit still interests more than one. The reason for this craze is simple: what will come out of this case will necessarily affect the entire cryptocurrency industry. The result will indeed be relevant for the future characterization of cryptocurrencies by the SEC, and therefore for the status of cryptocurrencies themselves.
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