Investor optimism and network updates provide support for XRP
There were no updates from the ongoing SEC v Ripple case to provide guidance, leaving investors to look at filings on Thursday. The SEC’s continued focus on William Hinman’s documents related to a letter to investors gave hope for a favorable settlement.
On Thursday, SEC Follow up To seal three categories of information, including,
1) the names and identifying information of SEC experts and investor profiles in XRP;
2) Personal and financial information
3) Internal documents from the SEC reflect discussion and deliberations by SEC officials.
The Category 3 request has been of interest to the XRP community. Prior to Thursday, the Securities and Exchange Commission (SEC) had made at least six attempts to protect documents related to William Hinman’s letter under attorney-client privilege. The failed SEC attempt culminated in a court ordering the SEC to turn over the documents to the defendants.
Now that the SEC is trying to protect the documents from the public, a court order against the SEC could force Gary Gensler to agree to a settlement.
As a matter of background, former SEC Director of Corporate Finance William Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities. The controversial issue in the letter concerns Hinman’s relationship with Simpson Thacher, who is part of a group promoting Enterprise Ethereum. After leaving the SEC, Hinman returned to Simpson Thacher.
While the focus on the Hinman documents gave hope of a settlement, News From Ripple developing smart contracts to add to the XRP Ledge its price was also positive.
For the day ahead, investors need to track updates from the SEC v Ripple case and look out for any cryptocurrency events to provide guidance. The lack of updates from the SEC v Ripple case should leave XRP in the hands of the broader crypto market.