Last Updated: 26 May 2023
In a significant development for Ripple, CEO Brad Garlinghouse has expressed confidence that a ruling in the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC) is imminent. Garlinghouse anticipates a verdict within weeks rather than months, following recent court proceedings related to the Hinman documents.
Unveiling of Hinman Materials Could Expedite XRP Lawsuit Resolution
Speaking at the Redefine Tomorrow 2023 summit, Garlinghouse disclosed that the courtroom battle with the SEC is progressing favorably. He highlighted a recent court decision in which the SEC’s motion to keep the Hinman documents confidential was rejected by a federal judge.
During 2021, Ripple had cited the influential Hinman speech as evidence that the SEC did not consider Bitcoin or Ethereum as securities, arguing that the classification of XRP should be no different. In response, Ripple filed a Freedom of Information Act request to obtain documents explaining the reasoning behind Hinman’s stance.
The SEC, however, countered by asserting that Hinman’s speech represented his personal opinions and did not reflect the agency’s official position. The SEC sought to shield the documents pertaining to the speech from public access, claiming they were protected by a statute ensuring privacy for internal deliberations.
Court Ruling Favors Ripple’s Request for Transparency
Recent reports from ZyCrypto reveal that the court deemed the drafts of the speech and related emails to be judicial documents, thereby ruling in favor of making them public. This outcome is considered a significant victory for Ripple, as it believes these internal discussions and deliberations are crucial evidence for its ongoing legal battle.
John E Deaton, an attorney supportive of Ripple, eagerly awaits the release of the Hinman materials, stating, “I can’t wait for these emails to be released. I predict even non-XRP holders, including Ripple critics, will have to objectively say that what the SEC did is flat-out wrong. The inquiry into the motive behind this lawsuit will intensify—mark my words.”
Anticipation Mounts for Summary Judgment Decision
With all the briefings completed, onlookers now eagerly await the summary judgment decision. Garlinghouse’s assertion that a verdict is expected in the coming weeks has been interpreted by some in the XRP community as an indication that he foresees a favorable outcome from the presiding judge.
This landmark decision holds the potential to shape the regulatory landscape surrounding cryptocurrencies, as Ripple seeks validation that XRP should not be classified as a security. As the case progresses, market participants and observers are anxiously awaiting the resolution, which could have far-reaching implications for the industry.
The outcome of the Ripple lawsuit against the SEC has caught the attention of investors and traders alike, as it has the potential to significantly impact the regulatory environment for cryptocurrencies. As the verdict draws closer, market participants find themselves in a state of heightened curiosity and anticipation, eagerly speculating on the potential implications for their investment strategies. Platforms like Crypto Bull and Crypto Wealth offer investors the opportunity to stay informed and make well-informed decisions regarding their cryptocurrency portfolios in the face of this evolving legal landscape.