Altcoin has risen in price by 13% in a day, while other leading cryptocurrencies do not show noticeable growth
The price of the Ripple token rose against the background of positive expectations of the crypto community from the end of the trial between the US Securities and Exchange Commission (SEC) and Ripple. The value of the altcoin has increased by 13% in a day, while other leading cryptocurrencies do not show a noticeable change in price over this period.
The XRP token is trading near the $0.4 mark. Its market capitalization is $19 billion with a daily trading volume of about $2.4 billion, according to CoinGecko. The share of the token in the cryptocurrency market is 2.2%.
The SEC litigation with Ripple has become one of the most important in the history of cryptocurrencies. Its outcome will determine which digital coins can be recognized as securities under US law.
Emails and notes that helped shape one of the most significant speeches in the history of cryptocurrency are being withheld from CoinDesk by the SEC.
At the Yahoo Markets Summit in 2018, William Hinman, who was then the Director of Corporation Finance at the SEC Commission, gave a lecture that turned out to be a turning point for cryptocurrency: A security is not ether.
At the time, Hinman claimed that Ether had “sufficiently decentralized” and therefore passed its ambiguous status as a security-not-a-security and transformed into a commodity.
The speech’s transcript states, “Based on my understanding of Ether’s current condition, the Ethereum network, and its decentralized structure, current offers and sells of Ether are not securities transactions.” “Purchasers would no longer reasonably expect an individual or group to perform
In December 2020, the SEC sued blockchain company Ripple, accusing it of selling $1.3 billion worth of unregistered securities under the guise of XRP tokens. The emails of former SEC corporate finance director William Hinman and his speech in 2018 are considered the main evidence in this case.
Ripple requested these documents for a long time, and received a positive court decision in January 2022. The judge ordered the SEC to provide the requested information to Ripple. However, the SEC insists that this is Hinman’s personal opinion, and is trying to delay the consideration and disclosure of this information.
But it looks like it will now become clear that the SEC provided a lot of guidance in drafting Hinman’s speech, Ripple’s general counsel Stu Alderothy said, according to CoinDesk . The contributions of other SEC officials, he said, could undermine the argument that Hinman’s speech was his own opinion and “not necessarily the panel’s opinion.” The Ripple-SEC case could end early next year as the November meeting was rescheduled.
