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XRP SEC Case Could Be A Boon For Ethereum, Here's Why
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XRP SEC Case Could Be A Boon For Ethereum, Here’s Why

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Ethereum XRP

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Ethereum (ETH) has experienced a sharp decline since Saturday, dropping from the $1,838 line down to the current level of $1,738 while XRP traded sideways. This has caused concern among investors and traders in the Ethereum market.

However, experts and analysts believe the recent disclosure of the Hinman documents on June 13th could mark a relief wave for Ethereum’s price. 

The Hinman documents refer to a series of emails and memos from the former director of the Securities and Exchange Commission’s (SEC) Division of Corporation Finance, William Hinman, recently released to the public.

The Hinman documents include a series of emails and memos from the former director of the SEC, who declared in 2018 that Ethereum’s native token, Ether, is not a security. 

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Ethereum Traders Should Keep An Eye On The XRP Case

Recently, the release of emails from former SEC official William Hinman regarding Ethereum has caused a stir in the cryptocurrency community. While some have claimed that the documents are a smoking gun for the cryptocurrency, others have downplayed their significance.

However, analyst Adam Cochran has argued that the documents are a nuance that puts current SEC Chairman Gary Gensler in a corner. 

The Hinman speech attempted to clarify the SEC’s position on digital assets, such as ETH and XRP, and their relation to security regulations. In his speech, Hinman went beyond the scope of the Howey test and attempted to understand the nuanced intent of users vs. investors. He also questioned the concept of morphing, or whether something can be a security and then later not a security.

The feedback comment from SEC staff specifically noted to him that they wanted to pivot to the discussion of “what is a security” rather than the idea of morphing. And that their concerns came from implication differences between the Securities Act and the Exchange Act.

Hinman specifically drew attention to the idea that “promoters” have a very specific legal analysis point – and that even a coordinated group of actors working on something wouldn’t rise to the level of being deemed the promoter if their efforts weren’t essential.

The draft on Ethereum, which came after meeting with Vitalik Buterin, Ethereum founder, and his lawyers, noted that Ethereum was not at such time a security and that secondary sales didn’t raise Securities Act concerns – only Exchange Act and Commodities Act concerns. 

According to Cochran, that footnote is of incredible importance as it notes that the SEC internally viewed secondary sales not as sales of the promoter at the time. 

Furthermore, Cochran believes the documents are damning for Gensler’s position because they acknowledge the idea of ‘reverse-morphing’ of an asset becoming a security. Suppose the SEC wanted to argue that Ethereum is a security today. In that case, they must acknowledge the idea of ‘morphing’, prove the burden of a promoter being liable for all secondary sales of an asset ever, and break every precedent of horizontal and vertical commonality.

Cochran further claimed: 

For Gary to conclude that proof-of-stake Ethereum is a security, he would both need to fight a landslide of precedent on the most litigated part of Howey analysis – and admit to the idea that securities status can change over time with decentralization.

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Overall, many market analysts believe that disclosing the Hinman documents could boost Ethereum’s price in the short term. This is because it removes some of the regulatory uncertainty surrounding Ethereum and could increase investor confidence in the cryptocurrency.

Ethereum
ETH holding the 200-day Moving Average placed at $1,725 to avoid the continuation of its downtrend. Source: ETHUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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