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The ongoing legal dispute between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple may soon take a notable turn, as the firm’s CEO Brad Garlinghouse has revealed that the long-anticipated Hinman documents are “worth the wait.”
In a tweet on Monday, responding to a query from crypto YouTuber Jungle Inc, the CEO conveyed his eagerness to discuss the documents in detail but opted not to overstep, acknowledging that the community has waited a considerable time to reach this stage.
Worth the Wait
The Hinman documents, which are set to be released on June 13, pertain to internal SEC communications regarding a 2018 speech by former Director William Hinman, who categorized Ether (ETH) as a commodity. The former SEC official indicated that while Bitcoin (BTC) and ETH initially qualified as securities, they could transition to commodities once they achieve sufficient decentralization.
Ripple maintains that its native token, XRP, was sold in a manner similar to ETH at its inception, and since the latter was not deemed a security, the former should also be classified as a commodity.
The SEC has been pursuing Ripple for approximately two years, claiming that the sale of XRP constituted an unregistered securities offering. Conversely, the company continues to refute this allegation, asserting that the token does not fulfill the criteria of the Howey test. Both parties have engaged in numerous exchanges of motions, hindering the court from reaching a resolution.
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Ripple’s legal representatives sought the transcript of Hinman’s speech to support their arguments. Despite multiple objections from the SEC, New York judge Analisa Torres mandated the agency to provide the documents in September 2022.
An Eventful Week
Garlinghouse’s recent remarks come as various digital asset companies prepare to legally confront the SEC over a series of allegations and charges, marking what promises to be an eventful week for the crypto sector.
Binance.US, the American branch of the world’s largest cryptocurrency exchange Binance, is poised to contest the Commission’s motion to freeze its assets in connection with a lawsuit filed on June 5; the SEC has accused the global entity of operating an unregistered securities exchange, broker, and clearing agency.
Additionally, the SEC is expected to comply with an order from the Court of Appeals for the Third Circuit to articulate its position on the Coinbase rulemaking petition within seven days, following its enforcement action against the crypto exchange over alleged violations of securities laws.
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