SEC's Response to Challenge Groundbreaking XRP Ruling
CFTC Initiates Enforcement Sweep Targeting Opyn and Other DeFi Operations
Binance Supercharges Bitcoin and Ether Trading in Argentine, Brazilian, and South African Currencies with Exciting Fee Promotion
XRP prices surged by 7.4% within the last 24 hours, outperforming the overall cryptocurrency market, as traders seemingly placed their bets on a positive resolution for Ripple Labs, the payments company currently embroiled in the Ripple vs SEC lawsuit.
These price gains coincided with the public release of documents linked to William Hinman, the former director of the U.S. Securities and Exchange Commission (SEC)'s Division of Corporation Finance from 2017 to 2020. These documents are relevant to the SEC's lawsuit against Ripple Labs.
In his 2018 speech, Hinman expressed his belief that bitcoin (BTC) and ether (ETH) should not be classified as securities. One of the emails from Hinman stated, “We do not need to see a need to regulate Ether, as it is currently offered, as a security,"
Ripple Labs argues that Hinman's statements from that time imply that XRP should not be categorized as a security, a stance that could potentially lead to a positive outcome for the company in the ongoing legal proceedings.
In 2020, the SEC filed a lawsuit against Ripple, accusing the company of selling unregistered securities. While Ripple has consistently asserted a separation between itself and XRP, the token utilized in its products and the XRP Ledger network, any developments in the legal case inevitably influence the prices of XRP.
