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In a significant development, Ripple is actively countering the United States government’s efforts to regulate all crypto as unregistered securities through the Securities and Exchange Commission (SEC). Accused by the SEC of selling unregistered securities through its XRP programmatic sales, Ripple, alongside its legal team, is fervently advocating for XRP to be classified as a commodity, comparable to Gold or Crude oil.
A Breakthrough: Hinman’s Documents Unveiled
Ever since the lawsuit commenced in late 2020, Ripple has persistently sought the public disclosure of William Hinman’s documents. Recently, Forbes journalist Roslyn Layton filed a motion requesting the court to release these crucial documents for public scrutiny.
Astonishingly, Judge Analisa Torres has granted the motion, allowing the public to access Hinman’s documents.
Ripple’s Triumph for Transparency
The ruling has been met with enthusiasm by Ripple’s legal team and its executives, including CEO Brad Garlinghouse. Garlinghouse hailed the decision as a momentous triumph for transparency while vehemently resisting regulatory encroachments.
Hinman’s Speech and the SEC’s Stance
It is worth noting that William Hinman, the former Director of Corporation Finance at the SEC, delivered a speech at the Yahoo Markets Summit in 2018. In his speech, Hinman contended that Ethereum (ETH) should not be classified as a security, despite its initial coin offering (ICO). Interestingly, the current SEC administration, led by Gary Gensler, asserts that all digital assets, except for Bitcoin, are unregistered securities.
Related: SEC Gensler’s Regulatory Actions Trigger Clash With House Committee Chairs; What Next? – Coinpedia Fintech News
Positive Market Response
Following the release of Hinman’s documents, XRP experienced a price surge of up to 7% on Wednesday, reaching a trading value of approximately $0.45. Moreover, the trading volume for XRP, the sixth-largest digital asset by market capitalization, soared by approximately 83% within the past 24 hours, totaling around $1.33 billion.
Also Read: Ripple News: XRP Price Might Surge Above $1 By August
