XRP Lawsuit Takes a Major Turn with New Document Involving Bill Hinman
In the context of the XRP lawsuit, a new document involving Bill Hinman, the former Director of the US Securities and Exchange Commission’s Division of Corporation, has become the topic of discussion in the crypto market.
Main Key Points:
- The July 13, 2023 Summary Judgment ruled that Ripple Labs did not violate US securities law with the sale of XRP, but this ruling only applied to retail sales, not institutional sales.
- Attorney John Deaton, representing XRP token holders, revealed meeting notes from Hinman’s Special Counsel that gave Ripple a free hand over their business model, indicating that the SEC staff did not categorize XRP as a security.
- The recent developments on the SEC’s interlocutory appeal against the Summary Judgment have caused the XRP price to return to pre-ruling levels of around $0.50.
- With the trial set to begin in the second quarter of 2024, the XRP token price is expected to maintain sideways movement in the coming months.
Hot Take:
The release of the meeting notes involving Bill Hinman has provided Ripple with significant evidence to support their case against the SEC. This new information raises questions about the SEC’s classification of XRP as a security, and could potentially have a positive impact on the outcome of the lawsuit. However, until the trial begins in 2024, the XRP token price is likely to remain relatively stable.
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