The crypto industry is bracing itself for a critical 24-hour period that could have far-reaching consequences. Today, the US Securities and Exchange Commission (SEC) takes the spotlight with four significant events, one of which has the potential to shake the market. Crypto Industry on Edge as SEC Events Unfold in Ripple Case
Crypto Industry Anticipates Critical SEC Events in Ripple Case
The alleged unsealing of the SEC Events internal Hinman documents in the Ripple case has garnered the most attention. These documents could reveal crucial information about the classification of Ethereum (ETH) as a non-security, a classification that SEC Chairman Gary Gensler is currently challenging. Ripple case has long awaited these documents, as they hold significance in their legal dispute with the SEC Events.
However, the SEC has argued against the release of the Hinman documents, citing the need to protect sensitive internal data and claiming that the documents are irrelevant to the proceedings. Ripple’s CEO, Brad Garlinghouse, strongly disagrees, stating in a tweet that the documents are well worth the wait.
The importance of the Hinman documents extends beyond Ripple case, potentially impacting the entire crypto industry. If they contain statements regarding the classification of secondary market transactions of crypto assets, they could debunk the SEC’s claims in the ongoing Coinbase and Binance lawsuits. This revelation could trigger a bullish reaction not only from XRP but also from other altcoins that have been adversely affected by the SEC’s actions against Coinbase and Binance.
SEC Hearing on Temporary Restraining Order Against Binance US
In addition to the Hinman documents, other significant events are set to unfold on June 13th. At 2 pm EST. The SEC will hold a hearing on the temporary restraining order against Binance US.Where the SEC seeks to freeze the assets of Binance’s US subsidiary. Binance US has opposed the SEC’s request, arguing. It would severely harm their business and customers. To strengthen its defense, Binance US has enlisted the help of four lawyers from Milbank LLP. Including a former co-director of the SEC’s enforcement division.
AdditionCoinbase’s petition for rulemaking is also awaiting the SEC’s response. The proposed expanded definition of an exchange. Which could require decentralized exchanges (DEXs) to register as securities exchanges. It has sparked concerns in the industry. Critics argue that this places an undue burden on blockchain entities to navigate the regulatory landscape correctly. Bill Hughes, an attorney at ConsenSys, emphasizes the need for new US legislation to address these challenges.
As the events unfold, the crypto market remains on edge. At the time of writing, the total crypto market cap stands at $1.027 trillion. They dipped below the crucial 200-day EMA over the weekend. Furthermore, the SEC events will undoubtedly have a significant impact on the industry’s trajectory in the coming days and weeks.