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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Ripple Vs. SEC: Hinman Docs Are Out, XRP Is Up 8%

Jake Simmons
Jake Simmons
2 years ago
3 mins read
ripple xrp

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The eagerly awaited “Hinman documents” in the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) have been published today! After the XRP price initially reacted moderately, the altcoin experienced a rise of about 6% at the time of writing.

Just yesterday, Ripple CEO Brad Garlinghouse said that the Hinman docs will be worth the wait. He was alluding to their potential importance of the documents for the ongoing legal battle. And XRP investors seem to agree with him, although not all community members are euphoric.

Ripple Vs. SEC: This Is What The Hinman Docs Reveal

Bill Morgan, a popular lawyer in the XRP community, declared that Stuart Alderoty (Ripple’s Chief Legal Officer, CLO) and Brad Garlinghouse “were not exaggerating”. According to him, “#Ethgate is alive and kicking after all.”

The documents reveal that Bill Hinman, the former director of the Division of Corporation Finance at the SEC, involved Ethereum founder Vitalik Buterin before his notorious speech in which he classified ETH as a non-security.

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In the run-up to his speech, Hinman called Buterin to confirm how Ethereum operates. The SEC’s internal documents also reveal that on May 31, 2018, opposition grew within the SEC to the recommendation to classify Ether with Bitcoin as a non-security.

On June 4, Hinman shared a draft of his speech with the commission’s division directors. The document reveals that Hinman was planning his call with Buterin later that week.

Nevertheless, the SEC’s Office of General Counsel (OGC) suggested deleting the mention of ETH in the draft. The OGC was concerned about the difficulties it would face if it took a different position on Ether in the future. As is well known, Hinman disobeyed this directive and made ETH a focal point of his speech.

This is one reason why respected XRP community member Mr Huber is rather disappointed. According to him, the emails are a “nothing burger.” They only prove that Hinman was persistently warned to avoid any references to Ethereum to avoid market confusion.

“Despite these warnings, Hinman not only neglected this advice and even doubled down, focusing his entire speech on giving ETH a regulatory monopoly. Such a clumsy director,” writes Mr Huber, who is one of Bill Hinman’s biggest critics and accuses him of conflicts of interest.

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But lawyer Bill Morgan also sees arguments that help Ripple in its defense against the SEC. For example, the lawyer discovered several passages in the Rule 56.1 statement that speak particularly in favor of Ripple’s fair notice defense.

Several SEC communications indicate that SEC officials were well aware that the speech would lead to “greater confusion” and that they intentionally wanted to give industry participants “fewer details,” presumably to give the agency more leeway.

In addition, the documents show that the regulator revised its own internal views on factors that the SEC staff had previously deemed “not relevant” or that even proved that an asset was not a security. Words that were not previously relevant were redacted, Morgan says.

For example, in 2018, the SEC held that lockups were not relevant and were indicative of a non-security. After that, the agency changed its opinion.

At press time, investors seemed to view the publications as positive for XRP. The price rose by 8% to $0.5609 since the Hinman docs were published.

Ripple XRP price
XRP price jumps 8%, 4-hour chart | Source: XRPUSD on TradingView.com
Featured image from Ryan, Swanson & Cleveland, PLLC, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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