XRP up 7% after ex-SEC official releases statements
Date: 2023-06-13 Categories: IN WORLD
In his old speech, the ex-head of corporate finance at the agency stated that for some reason, Bitcoin and Ethereum are not securities.
According to the documents, Hinman also contacted Vitalik Buterin, co-founder of the second largest cryptocurrency by capitalization, to clarify how the Ethereum Foundation works.
“A digital asset or token is a security when it is a set of rights that give the owner a financial interest in the enterprise. […] But what about those cases where there is no centralized company to invest in and when the coin is only sold to be used to buy a good or service?” the former official added.
In an email to his department, Hinman suggests that “Ethereum should not be regulated in the way that it currently is – as a security.”
Here are the #XRP #Ripple Hinman emails pic.twitter.com/l4BmiStrKE
— Cheeky Crypto (@CheekyCrypto) June 13, 2023
Ripple Labs believes that Hinman's statements refute all accusations of the Commission, so the company has a good chance of success in this case. The company's CEO Brad Garlinghouse also expressed confidence in the victory.
Seeing the depth to which the SEC has essentially weaponized the lack of regulatory clarity through enforcement actions since this speech was given – it’s no surprise that we can call bluff on their claims to “just come in and register” as nothing but in bad faith.
— Brad Garlinghouse (@bgarlinghouse) June 13, 2023
“Given the depth with which the SEC has exploited the lack of regulatory clarity through enforcement action since this speech, it is not surprising that we can call it bluff and bad faith in their calls to “just show up and register,” he said.
The XRP token reacted with an increase of almost 7%, jumping from $0.529 to $0.561. At the time of writing, the asset price has fallen to its previous values of $0.531.
