- In the Securities & Exchange Commission's lawsuit against Ripple, the court has ordered a conference call on the Hinman papers on June 7.
- William Hinman's emails are no longer protected as privileged information, but are set to enter the public domain.
- Winklevoss twins issued a stark "crypto winter" alert after the recent XRP price crash and failure to recover.
The US SEC has taken several positions against the payments giant throughout the regulator's litigation against Ripple. The information previously protected as privileged in Hinman's emails is now available publicly. XRP and Ripple proponents are awaiting an end to the lawsuit and regulatory clarity on the nature of the altcoin.
Also read: Ripple rallies with proceedings in SEC vs. XRP case, in response to Hinman emails
Former SEC director Hinman’s emails to be called in
The US Securities & Exchange Commission slammed Ripple and two executives, Chris Larsen and Brad Garlinghouse, with a lawsuit in December 2020. As part of its defense, the blockchain company has tried to get complete access to relevant documents that contributed to the formulation of a speech regarding crypto market regulation by a leading SEC official.
William Hinman, Former Director of the Securities and Exchange Commission's Division of Corporation Finance, made a speech on June 18, 2018, which has been labeled the "Ethereum free pass." In this speech he labeled Ethereum, the world’s largest altcoin, a non-security. The speech has been raised throughout the SEC's lawsuit against XRP as evidence it is not a security.
Proponents believe the speech could ultimately dismiss the lawsuit. The court has ordered the SEC to surrender the documents to the defendants on two separate occasions. However, the regulator has fought the court’s demands relentlessly to keep the speech and emails out of Ripple's reach.
The court will take up William Hinman's emails in a conference call scheduled for June 7, 2022, at 3:00 PM UTC. Members of the public can listen to the proceedings in person in Courtroom 23B at the Daniel P Moynihan Courthouse in New York City.
William Hinman's speech could give XRP a free pass
The documents in question take the form of a series of emails in which Hinman sought input from his colleagues at the Securities & Exchange Commission before delivering his speech personally. Ripple's lawyers have argued that whilst certain of Hinman's colleagues discussed legal concepts in some of their responses, this did not imbue them (or the other communications) with any attorney-client privilege.
This means the speech and emails have now been called in for discussion and will be made publicly available. Ripple's lawyers and the community believes Judge Sarah Netburn wants to question the SEC's motion practice on the issue and for that reason has chosen an unusual hearing setting.
The conference call will be recorded, and the transcript will be published later. No further details have been furbished. Magistrate Judge Netburn has yet to decide whether she will allow remote public access for in-court civil proceedings.
Winklevoss twins believe XRP price is in for a bloodbath
As the prices of altcoins XRP, Ethereum, Solana, BNB, Cardano and Dogecoin plummet, the Winklevoss twins, founders of the Gemini exchange, have issued a stark warning of a "crypto winter" approaching. Cameron and Tyler Winklevoss believe the market has entered a "contraction phase."
In a memo to Gemini exchange staff, the Winklevoss twins spoke of, "turbulent market conditions that are likely to persist for some time."
Grizzly, a pseudonymous cryptocurrency analyst, believes Ripple price has entered a correction section that has lasted for over 400 days. XRP price needs to conquer resistance at $0.51 for a bullish trend reversal. Unless that occurs, the general outlook on the altcoin's price is bearish.
XRP-USDT chart
Three cryptocurrencies that could yield significant gains
FXStreet analysts believe 0x Perpetual Futures, STORJ and Metal perpetual futures have the highest bullish potential. These three assets could offer significant gains to investors. For more information, check out this video:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Solana could cross $200 if these three conditions are met
Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.