Hinman Emails Reveal XRP Doesn’t Satisfy Howey’s Security Test

  1. Exhibit 220 of the Hinman emails says there is evidence to conclude XRP is not a security.
  2. SEC was denied in its request to seal the Hinman emails but was denied.
  3. SEC has to provide the unredacted version of the emails on or before June 13.

A couple of days ago, the controversial emails from former SEC director William Hinman have been ruled to be appropriate to be revealed in court to be used as evidence. This was enough to cause XRP supporters and investors to rejoice.

Yet a couple of minutes ago, crypto lawyer John Deaton found out Exhibit 220, which could potentially become the game-winner for Ripple. According to the evidence, there are reasonable grounds to conclude that XRP doesn’t qualify as a security.

Specifically, the footnote wrote: 

“There are reasonable grounds to conclude that XRP does not satisfy all elements of the Howey analysis and is therefore not a security for purposes of the federal securities laws.”

Others seem to have picked up the information as well, saying that the SEC has shot itself in the foot.

Judge Analisa Torres, the officer in charge of handing the verdict of the two-year lawsuit, has initially ordered the SEC to disclose on June 6 the unredacted Hinman emails, which Ripple Labs believes to be crucial to its case. However, both parties have requested an extension until June 13.

Meanwhile, XRP’s price has surged by 10% in the last 7 days while leading coins such as BTC and ETH are practically static. At the time of writing, XRP is changing hands at $0.47, according to CoinGecko.

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Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.