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With just one day left before the Hinman documents are due to be printed, Ripple CEO Brad Garlinghouse believes the documents are “worth the wait.”
In his June 12 Twitter response to a question posed by cryptocurrency YouTuber Jungle Inc, Garlinghouse said that while he doesn’t want to “overstep the bounds,” both he and Ripple’s general counsel Stuart Alderothy believe the documents are worth 18- months of struggle print them out.
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
The Hinman documents refer to internal SEC communications regarding a 2018 speech by former SEC director William Hinman. In his keynote, Hinman said that while cryptocurrencies like Bitcoin (BTC) and Ether (ETH) may start out as securities, they can become something more like a commodity once they become decentralized enough.
Many Ripple supporters believe the upcoming document disclosure will prove useful in further understanding the legal status of Ripple’s native XRP (XRP) token.
The filing comes at an extremely turbulent time for the cryptocurrency industry. On June 13, a federal court will also hear the SEC’s motion to freeze Binance’s assets. US after a series of lawsuits against the exchange.
The next 36 hrs will be critical for crypto.
Tomorrow 2 pm: Hearing on SEC’s motion to freeze assets
Tomorrow (sometime): Release of summary judgment exhibits (including Hinman…
— MetaLawMan (@MetaLawMan) June 12, 2023
The SEC first sued Ripple in December 2020, alleging that the sale of its native XRP (XRP) token constituted an unregistered securities offering. Ripple has since denied that XRP is a security, arguing that it fails the Howey test.
Related: Ripple Case: Pro-XRP Attorney Predicts SEC Outright Win With ‘Less Than 3%’
While many top Ripple executives have long predicted the imminent end of the SEC lawsuit, XRP supporter John Deaton recently said that Presiding Judge Analisa Torres will almost certainly make a final decision before September 30 of this year.