The “crypto trial of the century” is currently underway, with Ripple, the company behind the third-largest cryptocurrency by market capitalization, fighting charges brought against it by the U.S. Securities and Exchange Commission (SEC). At issue is whether Ripple’s XRP token is a security, which would subject it to stricter regulation, or a currency, which would give it more flexibility.
One key witness in the case is former SEC official William Hinman, who served as the agency’s Director of Corporate Finance from 2016 to 2020. During his tenure, Hinman was instrumental in shaping the agency’s guidance on cryptocurrencies and blockchain technology.
According to legal experts, Hinman’s testimony could be crucial in determining the outcome of the case. In particular, his statements on the classification of XRP as a security or currency could carry significant weight with the judge.
The trial is being closely watched by the crypto industry, as a ruling in favor of the SEC could have far-reaching implications for other digital assets and the companies that issue them. A decision is expected to be handed down in the coming months.