In the context of the XRP lawsuit taking major turn with the July 13, 2023 Summary Judgment, a new document involving Bill Hinman, the former Director of the US Securities and Exchange Commission’s (SEC) Division of Corporation, has become the topic of discussion in the crypto market.
In the Summary Judgment, attorney Analisa Torres ruled that Ripple Labs did not violate the US securities law with the sale of the XRP token on crypto exchanges. However, this ruling was only limited to the retail sales and not institutional sales.
Hinman Meeting Notes On XRP
According to John Deaton, the attorney representing the thousands of XRP token holders in the Ripple Vs SEC lawsuit, revealed he has access to a meeting notes from Hinman’s Special Counsel. The document, which dates to back to 2018, is said to actually have given Ripple a free hand by the US SEC staff over the company’s business model. Based on the meeting notes, Deaton said that the agency staff did not categorize XRP as a security. He further said,
“We have the actual meeting notes from Hinman’s Special Counsel who was assigned to him by the SEC and attended the meeting. The note written by this SEC attorney tell us A LOT. This meeting, between Ripple’s CEO and CTO with Clayton, Hinman and SEC senior staff, was regarding the regulatory status of XRP.”
XRP Price Back To Pre-Ruling Levels
Owing to the recent developments on the SEC’s interlocutory appeal against the Summary Judgment, the euphoria from the July 2023 has faded down. Hence, the XRP price is now almost back to the pre-Summary Judgment level of around $0.50. With the trial set to begin only in the second quarter of 2024, the token price may likely maintain sideways movement in the upcoming months.
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