The U.S. Securities and Exchange Commission (SEC) has provided Ripple Labs Inc. with internal papers including remarks by former SEC Corporation Finance Division chief William Hinman on cryptocurrencies, according to a Friday tweet by Ripple’s general counsel Stuart Alderoty.
This comes after a U.S. district judge ordered the SEC to hand over the records to Ripple Labs on September 29. This file contains internal SEC communications and versions of Hinman’s June 2018 address at the Yahoo Finance All Markets Summit.
“After more than 18 months and six court orders, we now have the Hinman documents.”While they remain classified for the time being (at the SEC’s demand), I can tell that the battle was well worth it,” tweeted Alderoty.
This discovery might represent a crucial turning point in Ripple’s legal struggle with the U.S. securities regulator. The SEC filed a complaint against Ripple Labs in 2020, accusing the firm of utilizing its XRP coin as unregistered security to obtain capital.
The community of the (now) sixth biggest cryptocurrency by market size is in a cheerful mood, but it’s crucial to remember that there have been many surprises in this case thus far. It’s possible that Ripple’s future is still uncertain, however, we can only hope that this isn’t the case for much longer.
The result of this case might establish a precedent for the classification of cryptocurrencies under U.S. banking rules.
CoinMarketCap shows that the price of XRP was $0.45 USD on Friday morning in Asia, down from $1.09 USD a year ago.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.