This article first appeared on June 13th, in the Crypto Time.
On this pivotal day, June 13th, a series of events are set to unfold, holding the potential to significantly impact the entire cryptocurrency industry and its market. One of the most anticipated events is the alleged unsealing of the US Securities and Exchange Commission’s (SEC) internal documents related to the Ripple case, known as the Hinman documents.
These documents have gained immense importance due to their potential to shed light on the SEC’s classification of Ethereum (ETH) as a non-security. SEC Chairman Gary Gensler has challenged this classification, and Ripple, in its legal dispute with the SEC, had previously requested the Hinman documents to be declared invalid.
In 2018, William Hinman, the former director of the SEC’s financial division, stated in a speech that Ethereum should not be considered a security. For Ripple, these documents hold significant relevance. However, the SEC has argued that the documents should remain confidential to protect sensitive internal data and that they are not relevant to the ongoing proceedings.
Ripple’s CEO, Brad Garlinghouse, expressed the importance of the Hinman documents in a recent tweet, stating that they were well worth the wait. Interestingly, these documents could have implications beyond Ripple and potentially debunk the SEC’s claims in the Coinbase and Binance lawsuits if they contain statements about the classification of secondary market transactions of cryptocurrencies.
If the Hinman documents support Ripple’s position and challenge the SEC’s stance, it could lead to a bullish reaction not only for Ripple’s native token XRP but also for other altcoins that have been heavily affected by the SEC’s lawsuits against Coinbase and Binance in recent days.
In addition to the Ripple case, other critical events are scheduled for June 13th. One of them is the hearing on the SEC’s temporary restraining order (TRO) against Binance US, which seeks to freeze the assets of Binance’s US subsidiary. Binance US has opposed the SEC’s request, arguing that it would severely harm the company’s business and customers. The troubled crypto platform has enlisted the support of experienced lawyers in its defense.
Another significant event to watch is the SEC’s response to Coinbase’s petition for rulemaking, which is due today. The SEC previously stated that any rulemaking process could take years, and in the meantime, enforcement actions would continue. Moreover, the public comment period for the SEC’s proposed expanded definition of an exchange also concludes on this day. If implemented, decentralized exchanges (DEXs) might be required to register as securities exchanges.
These developments highlight the pressing need for new legislation in the United States to address the evolving cryptocurrency landscape. The proposed expanded definition of an exchange places a burden on the blockchain industry to navigate uncertain rules. Non-compliance could result in severe penalties, with the SEC even having the power to retroactively punish entities, which raises concerns about due process.
As the events unfold over the next 24 hours, the cryptocurrency market awaits the outcome with anticipation. The total market capitalization of cryptocurrencies currently stands at $1.03 trillion, with recent market fluctuations leading to a drop below the crucial 200-day Exponential Moving Average (EMA).
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The potential impact of the unsealed Hinman documents and the outcome of the various SEC-related events cannot be understated. The crypto market’s response to these developments could shape the crypto industry trajectory and regulatory landscape for the foreseeable future.
Read More On this pivotal day, June 13th, a series of events are set to unfold, holding the potential to significantly impact the entire cryptocurrency industry and its market. One of the most anticipated events is the alleged unsealing of the US Securities and Exchange Commission’s (SEC) internal documents related to the Ripple case, known as the Hinman […]
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