Ripple CEO Brad Garlinghouse Thrilled by Hinman Documents Release: “Was Well Worth the Wait” Can It Drive XRP Price to $3?

• Ripple CEO Brad Garlinghouse indicates the forthcoming Hinman documents could potentially sway the ongoing SEC legal battle in Ripple’s favor.
• The Hinman documents refer to internal SEC discussions related to a pivotal 2018 speech by former SEC Director William Hinman, in which he suggested that cryptocurrencies like Bitcoin and Ether could evolve from securities to commodities as they decentralize.

The world of blockchain and cryptocurrency is abuzz with anticipation as Ripple’s CEO, Brad Garlinghouse, implies the soon-to-be-revealed Hinman documents may be game-changing for Ripple’s legal fight with the U.S. Securities and Exchange Commission (SEC). Garlinghouse’s response to a query by Jungle Inc, a renowned crypto influencer, on June 12, hinted at the potential significance of these documents, which have been at the heart of an 18-month legal battle to make them public.

Dubbed the Hinman documents, they encompass internal deliberations within the SEC revolving around a key 2018 speech delivered by its former director, William Hinman. Hinman had posited that while cryptocurrencies such as Bitcoin and Ether might initially be securities, they could transition into a commodity-like status with sufficient decentralization.

This perspective on cryptocurrency transformation is central to the legal controversy surrounding Ripple’s native XRP token. Ripple enthusiasts are hopeful that the disclosure of these internal SEC documents will shed additional light on XRP’s legal classification.

The unraveling of these documents coincides with a particularly tumultuous period for the crypto sector, marked by heightened legal scrutiny. Notably, June 13 is set to be a significant day in the crypto legal calendar, with the federal court slated to hear the SEC’s plea to freeze the assets of Binance.US, another entity embroiled in legal turmoil.

This ongoing legal saga began in December 2020 when the SEC initiated proceedings against Ripple. The commission accused Ripple of conducting an unregistered securities offering through the sale of its XRP token. Ripple has steadfastly contested this charge, arguing that XRP does not meet the criteria of the Howey test used to determine a security.

In the midst of the courtroom drama, several Ripple higher-ups have forecasted a nearing resolution to the SEC lawsuit. Among them, pro-XRP lawyer John Deaton recently predicted that the presiding Judge Analisa Torres will likely reach a final verdict before the end of September this year.

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