YEREVAN (CoinChapter.com) — XRP coin rose 7.7% to $0.56 on June 13. The token’s move came as a part of a short-term uptrend wherein the price jumped 10% three days after forming a local low of $0.47.
The jump helped XRP break above a key technical resistance near $0.542, which has hindered its breakout attempts since early May.
However, XRP may return below the resistance level based on its previous failed attempts to sustain above it.
The XRP community is expecting the Hinman documents
Brad Garlinghouse, the CEO of Ripple Labs, famously involved in litigation with the US Securities and Exchange Commission (SEC), tweeted about the upcoming release of the so-called Hinman documents related to the lawsuit.
The chief executive noted his optimistic stance on their content and the effect they could have on the court hearings. “I believe they were well worth the wait,” said Garlinghouse.
Meanwhile, a clarification is in order. The SEC accused Ripple, Garlinghouse, and the former CEO Chris Larsen of fraud, citing their “unlawful” sale of $1.3 billion worth of XRP tokens as unregistered securities.
Also read: US Congressman Files Legislation To Restructure The SEC, And Fire Gary Gensler
But the agency didn’t extend the same ‘courtesy’ to larger cryptocurrencies like Bitcoin and Ethereum, which became the cornerstone of the lawsuit and one of the primary defense fronts.
Why are the Hinman documents important for the case?
Furthermore, the defense cited what is now referred to as the Hinman Speech to prove their point. William Hinman is the former Director of the Corporation Finance Division at the SEC. In his June 2018 speech, Mr. Hinman voiced his position on defining digital assets.
Putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.
said the former official.
Ripple lawyers aimed to depose Mr. Hinman, i.e., order his testimony before the court.
Undoubtedly, the further investigation of a former SEC official’s stance could clarify the case. However, the agency filed a motion to seal the connected documents, citing the danger of creating a precedent questioning a high-ranking official.
What is the SEC hiding?
However, the latest ruling on May 16 confirmed Judge Torres’ stance on the matter.
She asserted that the Hinman Speech Documents “would reasonably tend to influence [the Court’s] ruling on a motion.” Thus, the documents do not receive “different weights of presumption based on the extent to which they were relied upon in resolving a motion.”
Earlier, the SEC argued that the said documents should be sealed because of the “clear lack of relevance of these documents to the summary judgment motions” and because their disclosure “would be highly prejudicial to the SEC. However, “the court disagrees, “Judge Torres ruled.
Ripple CEO Brad Garlinghouse called the ruling a “win for transparency.”
Another win for transparency! Unredacted Hinman emails are to be publicly available soon – stay tuned as the lawyers work through the mechanics to make that happen.
commented the CEO.
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