Ripple CEO Said Hinman’s docs, Were Worth The Wait

Ripple CEO Brad Garlinghouse replied to a Twitter post by a crypto enthusiast and YouTuber Jungle Inc, asking about his thoughts on the release of Hinman doc.

In response, Ripple CEO Garlinghouse stated that both he and Ripple’s Chief Adviser, Stuart Alderoty, had waited 18 months for the release of the Hinman doc, and they were worth the wait.

The Hinman Document and What It Entails

The United States Securities and Exchange Commission (SEC) sued Ripple and its two executives in December 2020, stating that they offered unregistered securities and realized over $1.3 billion.

Ripple hopes that releasing a statement referred to as the Hinman doc on June 13, 2023, will support its argument that XRP is not a security. Notably, the Hinman doc contains the speech by the SEC’s former Securities and Exchange Director, William Hinman, in 2018. 

Hinman stated in the document that cryptocurrencies like Bitcoin and Ether are not securities but could be more similar to a commodity when appropriately decentralized.

Many Ripple supporters believe that when the document is released, it will be substantial evidence to give a clearer insight into the legal stance of Ripple’s token (XRP).

Also the recent conflicts between SEC and many crypto exchanges, including Binance and Coinbase have increased interest in the documents. Notably, there will be a federal court hearing on the case between SEC and Binance.US on June 13, 2023. 

As such crypto enthusiasts expects that unsealing the Hinman doc will affect how the US SEC judge cryptocurrencies moving forward.

Notable Reactions About the Release of Hinman Doc

There have been a lot of speculations about the Hinman docs to be released today, June 13. Some people expressed their views of hope that the doc would favor Ripple.  

Following hopes for Ripple’s victory, Jeremy Hendricks insinuated that Ripple could take investors by storm and become the safest and best investment in crypto assets.

Some users have disclosed the effect on XRP is impressive, seeing “58 million tokens traded in just 5 minutes on Binance.”

A Twitter user responding to Jungle Inc’s post appreciated the efforts of the Ripple project team, expressing his gratitude for the tireless effort of the Ripple team since their fight with SEC began.

Meanwhile, others expressed disbelief that the docs could have significant use among others. Tony asked if the Hinman doc could have any positive effect. He stated that the courts are already aware of it. But at the time of writing, the Hinman documents have been released, causing an uproar in the crypto industry. 

Also, Coinmarketcap data shows that XRP trading volume have spiked by 102% at the time of writing, depicting increased network activities.