Pro-XRP attorney predicts the altcoin’s rally to $2 ahead of SEC vs. Ripple verdict
- Attorney John Deaton says XRP price is on track to recover and set a target of $2.
- Deaton and Ripple CTO David Schwartz say Hinman emails will likely be made public soon irrespective of the verdict.
- The documents are key to the defense of Ripple and other crypto entities like Coinbase that are subject to regulatory crackdown.
The community of XRP token holders await a verdict in the US Securities and Exchange Commission’s (SEC) lawsuit against Ripple. Three key aspects of the case could influence the verdict and subsequently XRP price: the emails from former director of the SEC’s division of corporate finance, Ripple’s fair notice defense and the consideration of whether sales are done in primary or secondary markets
Ripple Chief Technology Officer (CTO) David Schwartz and XRP proponent attorney John Deaton shed light on one of the three key factors earlier today: the emails from the former Director of the SEC’s Division of Corporation Finance. These emails contain information on the SEC’s take on whether cryptocurrencies, specifically Ether, is a security or it isn’t.
These documents, popularly-known as the Hinman emails, are key to Ripple’s defense and they could help support the defense of other crypto entities targeted by the US financial regulator.
Also read: Ripple CEO foresees ground-breaking victory for the payment giant in SEC lawsuit
The release of Hinman documents is likely imminent
William Hinman’s emails have emerged as a key factor in Ripple’s defense against the SEC’s allegations. In these documents, the former Director of the SEC’s division of Corporation Finance sheds light on the regulator’s understanding of cryptocurrencies and whether assets like Ether are securities or non-securities.
The US financial regulator filed motions to keep the Hinman documents under wraps, but their release is imminent. Schwartz said that the documents will be released no matter the verdict in the SEC vs. Ripple.
I am not a lawyer, but I don't think Ripple can agree not to make them public. The judge has ruled that they're judicial documents and that no factors outweigh the public's right of access to them.
— David "JoelKatz" Schwartz (@JoelKatz) May 28, 2023
XRP proponent attorney John Deaton seconded Schwartz’s opinion in a recent tweet. Deaton is bullish on the altcoin’s price and its recovery in the long-term.
David is correct. Even if Ripple and the SEC settled today, the emails are coming out. @RoslynLayton’s motion to intervene (to obtain the emails) was ruled moot b/c the emails are being unsealed. If the case settled today, the judge would need to revisit her motion.
— John E Deaton (@JohnEDeaton1) May 28, 2023
#XRP sits at .48 cents and it’s crazy to think about how many people, who refuse to buy it now, are going to buy it over $1. What’s even more crazy is that fomo won’t likely kick in until $2.
— John E Deaton (@JohnEDeaton1) May 29, 2023
The contents of the email are likely to provide useful insight and context for other crypto entities like Coinbase, that are also under regulatory crackdown. Deaton said that even if the SEC and Ripple reached an agreement to settle the lawsuit, the Hinman documents will be released and this is a positive development for the crypto ecosystem in the long-term.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
