In a June 12 Twitter reply to a question raised by crypto YouTuber Jungle Inc, Ripple CEO Brad Garlinghouse suggested the documents will be “well worth the wait.” In a June 12 Twitter reply to a question raised by crypto YouTuber Jungle Inc, Ripple CEO Brad Garlinghouse said that while he did not want to “overstep,” both he and Ripple’s chief legal officer Stuart Alderoty see the documents as being worth the 18-month fight to get them unsealed.
What Are the Hinman Documents?
The Hinman documents are a series of internal deliberations by Securities and Exchange Commission (SEC) staff that were created in the wake of former SEC Director William Hinman’s June 14, 2018 speech, in which he asserted that Bitcoin and Ethereum were not securities under US law due to their decentralized nature. The documents are expected to shed light on how the SEC came to this conclusion, and could potentially provide Ripple with ammunition in its ongoing legal battle with the agency.
Ripple Lawsuit Against SEC
Ripple is suing the SEC for $1.3 billion, alleging that the agency’s lawsuit against the company is “deeply flawed” and “based on a fundamental misunderstanding of XRP.” The lawsuit is currently in the discovery phase, which is a process in which both parties to a lawsuit gather evidence to support their respective claims. The Hinman documents are expected to be a key piece of evidence in Ripple’s case.
What Does Garlinghouse’s Tweet Mean?
Garlinghouse’s tweet suggests that the Hinman documents contain information that is favorable to Ripple’s case. This could mean that the documents could help Ripple to prove that XRP is not a security, or that they could help to discredit the SEC’s case against the company. It is also possible that the documents contain information that is embarrassing or damaging to the SEC.
What Does This Mean for the XRP Price?
The XRP price has been on a tear in recent weeks, and Garlinghouse’s tweet could further fuel the rally. The cryptocurrency is up over 200% in the past month, and is currently trading at around $1.20. If the Hinman documents are as favorable to Ripple as Garlinghouse suggests, the XRP price could surge even higher.
Conclusion
The Hinman documents are a key piece of evidence in Ripple’s lawsuit against the SEC. If the documents contain information that is favorable to Ripple’s case, it could help the company to win the lawsuit and clear the way for XRP to be listed on major exchanges. The XRP price could also surge if the documents are released and are seen as positive for Ripple.
