- The XRP price has risen by 5.9% due to the expected release of the so-called Hinman documents, which could significantly influence the outcome of the SEC-Ripple lawsuit.
- This surge precedes a potentially volatile day in the crypto market, with the SEC responding to Coinbase’s petition and a hearing to freeze Binance US assets.
The world of cryptocurrencies is buzzing in anticipation of the release of the ‘Hinman documents’—a pivotal development in the ongoing legal dispute between the US Securities and Exchange Commission (SEC) and Ripple, a leading payment technology company. The imminent disclosure of these documents has driven Ripple’s digital currency, XRP, to climb 5.9% on Monday. Ripple’s CEO, Brad Garlinghouse, has expressed his optimism on Twitter, suggesting the Hinman documents could significantly swing the court’s decision in Ripple’s favor.
The SEC-Ripple lawsuit’s outcome has a direct bearing on the XRP price and could potentially send ripples (pun intended) through the entire cryptocurrency community. Therefore, XRP holders, along with other stakeholders in the crypto space, are keeping a close eye on updates related to this legal conflict.
Hundreds of pages of documents related to the SEC-Ripple case have already been made publicly available on Courtlistener.com. These include a motion for summary judgment and documents filed by Ripple’s legal team, as well as its key executives, Brad Garlinghouse and Chris Larsen. These documents and motions are intended to bolster Ripple’s position ahead of the highly anticipated Hinman document release.
The term ‘Hinman documents’ refers to the internal communications within the SEC concerning a speech delivered in 2018 by William Hinman, the Former Director of the Corporation Finance division. These documents are expected to provide detailed insights into the SEC’s viewpoint on cryptocurrencies like Ethereum.
In a Twitter post on June 13, Ripple CEO Brad Garlinghouse emphasized the potential importance of the Hinman documents in the SEC-Ripple case. Garlinghouse suggested that the contents of these documents could sway the legal battle in Ripple’s favor and that the unsealed documents would be “well worth the wait.”
Adding to the potentially volatile climate in the crypto space, two additional significant events are scheduled for Tuesday. Firstly, the SEC has been ordered by the US Court of Appeals for the Third Circuit to clarify its stance on a rulemaking petition from cryptocurrency exchange Coinbase. Secondly, a hearing concerning the freezing of Binance’s assets has been slated for 18:00 GMT.
The outcomes of these events could significantly impact the cryptocurrency ecosystem’s stability. The SEC’s previous lawsuits against Binance and Coinbase, as well as its classification of almost 63 cryptocurrencies as securities, led to a significant decline in overall crypto market capitalization. Depending on how investors interpret the outcomes of Tuesday’s events, the total crypto market cap could be pushed even lower.
