By Tom Blitzer
Key Insights:
- XRP price surges 7% following a favorable court judgment for Ripple, marking a significant upswing.
- Judge dismisses SEC’s request to keep Hinman documents confidential, revealing 2018 speech important for Ripple.
- Ripple CEO announces forthcoming access to unredacted Hinman emails, generating anticipation among the community.
Following recent advancements, the value of XRP has experienced a notable increase of 7%. Notably, Judge Torres has dismissed the SEC’s request to keep the Hinman documents confidential, which hold significant importance as they contain the 2018 speech delivered by the former SEC chair, William Hinman.
The favourable announcement was met with great enthusiasm, as the value of XRP experienced a significant upswing. CoinMarketCap’s records indicate that XRP surged by more than 7% within the past day, buoyed by the positive news. XRP is being traded at $0.4531, a considerable increase from its 24-hour low of $0.4202. This recent boost in value follows nearly seven weeks of little to no movement.
Garlinghouse reveals unredacted Hinman emails
Brad Garlinghouse, the CEO of Ripple, turned to Twitter to announce a significant development. In his tweet, Garlinghouse revealed that the unredacted Hinman emails would soon be accessible to the public. He urged the community to remain engaged while the legal team diligently worked towards making this disclosure a reality.
In light of recent developments, the Securities and Exchange Commission (SEC) has intensified its examination of the cryptocurrency landscape. As a result, industry leaders such as Coinbase have been advocating for a well-defined regulatory framework, emphasising the need for clarity and guidance in the sector.
In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs Inc., the creator of XRP cryptocurrency, as well as its co-founders, Chris Larsen and Brad Garlinghouse. The SEC alleged that Ripple conducted an unregistered securities offering, selling XRP tokens to investors for a total of $1.3 billion.
SEC claims Ripple’s unregistered token sales
The SEC asserts that Ripple should have completed registration for its token sales with the commission, arguing that XRP qualifies as a security. Ripple vehemently denies these allegations in response, putting forth a strong counter-argument.
The lawsuit’s significant uncertainty and negative sentiment surrounding XRP led several cryptocurrency exchanges to either delist the coin or temporarily halt trading. A favourable outcome for Ripple in the lawsuit would deal a substantial blow to the SEC while serving as a significant victory for the broader cryptocurrency industry.