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XRP Community Gets Ready for Likely Reveal in Ripple Lawsuit

Mon, 06/12/2023 - 17:05
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Tomiwabold Olajide
Ripple v. SEC: Expectations increase as reveal that might impact lawsuit beckons
XRP Community Gets Ready for Likely Reveal in Ripple Lawsuit
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Expectations are rising in the XRP community ahead of a likely reveal slated for June 13. The publicly redacted documents of former SEC official William Hinman and cross-motions for summary judgment in the Ripple lawsuit are expected to be made available on June 13.

As a result of the recent lawsuits filed against Binance and Coinbase, expectations persist regarding what the Hinman documents may mean for the entire cryptocurrency industry.

Ripple Top Lawyer Slams SEC Hypocrisy

The XRP community is similarly buzzing with anticipation. CryptoLaw founder and XRP holders' attorney John Deaton draws attention to the fifth anniversary of the William Hinman speech. In a 2018 speech, Hinman declared Ethereum not to be security.

On June 14, five years after the speech, Deaton would participate in a legal panel discussion with Jeremy Hogan, Marc Fagel and Carl Cecere to debate the Hinman documents.

The CryptoLaw founder says that Brett Redfern, former director of trading and markets, warned that the "speech would cause market confusion or more speculation, So why give the speech?"

CryptoLaw founder shares implications of emails

In a tweet, CryptoLaw founder John Deaton offers a reminiscence regarding a tweet that made inferences about potential redactions. He believes the speculations will be resolved as soon as the reveal is made.

Deaton refers back to his earlier prediction that Hinman's massive conflicts of interest would be brought to light by the emails.

"The emails will highlight Hinman's massive conflicts of interest. People will ask, "Then why give the speech?" Deaton stated.

Deaton added that the emails will not change the Howey analysis, but they will likely show the difficulty of applying outdated 1930s and 1940s precedent to modern-day technology.

He continued by saying the emails will likely help Coinbase and Ripple in the court of public opinion and hopefully drive bipartisan efforts in Congress.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.