The release of Hinman documents could bring a new wave of changes to the Ripple versus SEC case.
In anticipation of the unsealing of the Hinman documents, Ripple CEO Brad Garlinghouse expressed high expectations, hinting at significant revelations in the imminent disclosure.
On June 12th, Garlinghouse engaged with crypto YouTuber Jungle Inc on Twitter, where he noted that the 18-month struggle to unlock these documents would be worth the wait. The man shared these ideas cautiously but highlighted that Ripple's Chief Legal Officer, Stuart Alderoty, also shares the optimism.
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The documents in question relate to internal SEC messages about a 2018 speech delivered by the former director of the US Securities and Exchange Commission, William Hinman.
During the speech, Hinman claimed that while digital assets like Bitcoin (BTC) and Ether (ETH) could initially be classified as securities, they could transition to commodities once they reach a significant level of decentralization.
Supporters of Ripple have high hopes for the unsealing of these documents, suggesting that they could provide valuable insights into the legal status of Ripple's XRP token, ultimately aiding in its ongoing legal struggle.
This unsealing comes at a tumultuous time for the crypto industry. On June 13th, the federal court is set to host a hearing regarding SEC's motion to freeze Binance.US assets. It is worth noting that on June 5th and 6th, SEC sued two prominent crypto exchanges, Coinbase and Binance, over securities laws violations.
It's crucial to remember that Ripple has been in legal conflict with the SEC since December 2020. The SEC accused Ripple of conducting an unregistered securities offering with the sale of its XRP token. Ripple, however, has maintained that XRP does not meet the criteria of the Howey test to be considered a security.
Despite this ongoing lawsuit, Ripple executives and supporters remain optimistic about a resolution. John Deaton, a lawyer advocating for XRP, recently stated that he expects a final decision from Judge Analisa Torres before September 30th. This anticipation keeps the crypto community on the edge of its seats.
