{"id":407326,"date":"2023-06-14T16:13:40","date_gmt":"2023-06-14T16:13:40","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=407326"},"modified":"2023-06-14T16:13:40","modified_gmt":"2023-06-14T16:13:40","slug":"ripple-case-and-hinman-documents-set-to-reshape-crypto-industry-critical-day-ahead","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ripple-case-and-hinman-documents-set-to-reshape-crypto-industry-critical-day-ahead","title":{"rendered":"Ripple Case and Hinman Documents Set to Reshape Crypto Industry, Critical Day Ahead"},"content":{"rendered":"

The coming 24 hours bear immense weight for the entire cryptocurrency sector owing to several reasons.<\/p>\n

The macroeconomic happenings slated for this week could potentially induce significant shifts in the crypto market prices.<\/p>\n

Vital 24 Hours Imminent – Ripple Lawsuit and Hinman Papers Could Define Cryptocurrency Sector’s Future<\/h2>\n

On Tuesday, June 13th, the US Securities and Exchange Commission (SEC) found itself under scrutiny during four separate events.<\/p>\n

However, the development with the most significant potential impact is the anticipated release of the SEC’s internal documents related to the Ripple case, known as the Hinman documents.<\/p>\n

The Hinman documents could provide critical insight into the classification of Ethereum (ETH) as a non-security, a point of contention currently under dispute by SEC Chairman Gary Gensler.<\/p>\n

Previously, at the onset of the Ripple legal case, the SEC had attempted to dismiss these documents.<\/p>\n

In June 2018, then-Director of the SEC’s financial division, William Hinman, stated in a speech that the cryptocurrency Ethereum should not be classified as a security. As such, these documents hold substantial relevance for Ripple.<\/p>\n

The SEC is defending its request to suppress these documents by highlighting the necessity to safeguard confidential internal information. Moreover, they argue that the documents concerning Hinman’s speech are “irrelevant” to the ongoing legal proceedings.<\/p>\n

\"Ripple<\/p>\n

However, Ripple begs to differ. Just a few days ago, Ripple CEO Brad Garlinghouse shared his anticipation in a tweet:<\/p>\n

“Wish I could go in depth now, but we’ve waited this long (18+ months), I don’t want to overstep… suffice it to say @s_alderoty and I believe they were well worth the wait.”<\/p>\n

The Hinman documents carry significant weight, not just for Ripple, but for the entire cryptocurrency industry.<\/p>\n

According to Bitcoinist, if these documents contain statements about the classification of crypto assets in secondary market transactions, they could potentially undermine the SEC’s arguments in the ongoing Coinbase and Binance lawsuits.<\/p>\n

This could spur a positive reaction not only from XRP but also from other altcoins that have been severely impacted by the SEC’s recent lawsuits against Coinbase and Binance.<\/p>\n

Significant Milestones Ahead: Binance US Tackles SEC, Coinbase’s Crucial Petition, and SEC’s Broadened Interpretation of ‘Exchange’<\/h2>\n

Furthermore, another major development pertains to a crucial hearing regarding the SEC’s temporary restraining order (TRO) against Binance US, set for 2pm EST.<\/p>\n

The SEC recently aimed to seize the assets of Binance’s American subsidiary, which led Binance US to protest the request, arguing potential detrimental effects to their operations and clientele.<\/p>\n

Binance US highlights its ongoing cooperation with the SEC’s investigation since December 2020, further emphasizing that CEO Changpeng Zhao is the owner of BAM Trading’s bank account but does not possess signing authority for it.<\/p>\n

In a strategic move to fortify their legal stance, Binance US has secured the expertise of four attorneys<\/a> from Milbank LLP, including George Canellos, a previous co-director of the SEC’s enforcement division.<\/p>\n

Another key event on the horizon is the SEC’s response to Coinbase’s petition for rulemaking, which is due today.<\/p>\n

The SEC has previously indicated that any process of rulemaking could be time-consuming, and enforcement actions would continue throughout this period.<\/p>\n

\"Key<\/p>\n

Moreover, Tuesday marked the end of the public comment period concerning the SEC’s proposed extension of an ‘exchange’ definition.<\/p>\n

This broadened definition might necessitate that decentralized exchanges (DEXs) register as securities exchanges, although no such shift has been observed to date.<\/p>\n

Crypto Market Faces Regulatory Headwinds and Legislative Shifts<\/h2>\n

These unfolding events underscore the pressing need for decisive U.S. legislation, as echoed by ConsenSys attorney Bill Hughes.<\/p>\n

Hughes contends that the proposed regulations impose an obligation on the blockchain sector to accurately predict regulatory stipulations, with potential heavy penalties for unintentional violations.<\/p>\n

Adding to this dynamic scenario, U.S. lawmakers are resisting SEC Chairman Gary Gensler’s stringent measures on the cryptocurrency industry. Spearheading this movement is Congressman Warren Davidson, who advocates for Gensler’s replacement.<\/p>\n

Davidson has introduced the SEC Stabilization Act, seeking to restructure the agency by substituting Gensler with a six-commissioner body for more balanced decision-making.<\/p>\n

This proposed legislation also calls for the appointment of an executive director for superior oversight and efficiency.<\/p>\n

Davidson maintains that the SEC’s actions are detrimental to the market and stifle crypto innovation.<\/p>\n

Congressman Tom Emmer echoes Davidson’s views, asserting the need to shield the industry from what they perceive as the SEC’s overstepping and political motivations.<\/p>\n

The legislation aims to address concerns, provide clarity, and ensure the SEC’s actions align with the market’s best interests.<\/p>\n

The latest update shows the total cryptocurrency market cap positioned at $1.06 trillion, having descended below the crucial 200-day EMA on Saturday.<\/p>\n

Related Articles<\/b><\/p>\n

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  1. How to Buy XRP?<\/a><\/li>\n
  2. Ripple CEO Said Hinman’s docs, Were Worth The Wait<\/span><\/a><\/span><\/li>\n
  3. Attorney Deaton Says, “SEC Calling an Asset a Security Does NOT Mean It is a Security”<\/span><\/a><\/span><\/li>\n<\/ol>\n
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