Ripple (XRP) receives Hinman documents from SEC, Elon Musk reacts

Tesla CEO Elon Musk commented on Ripple CEO Brad Garlinghouse’s tweet that the Securities and Exchange Commission has finally given the Hinman documents to Ripple. Brad Garlinghouse warns that the SEC should not be believed in its reasoning about disclosure, transparency and clarity. The truth might actually shock people about the SEC’s behavior.

Elon Musk Supports Ripple and XRP

In a tweet on October 21, Brad Galinghouse, CEO of Ripple, shared a tweet from Stuart Alderoty, Ripple’s general counsel, revealing that the SEC had finally turned over the Hinman documents. He has evidence, including internal SEC emails and drafts of former SEC Director Hinman’s 2018 speech, that confirms Ripple’s victory in the lawsuit.

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The SEC insisted that Ripple keep these documents confidential for now. The XRP community and everyone associated with the lawsuit appreciated Ripple receiving the docs after 18 months and 6 court orders later.

In fact, Tesla CEO Elon Musk responded to Brad Garlinghouse’s tweet warning the community about the SEC’s beliefs in disclosure, transparency and clarity.

“The SEC wants you to believe they care about disclosure, transparency and clarity. Don’t believe them. When the truth eventually comes out, the shameful nature of their behavior here will shock you.”

Elon Musk responded “No Way“, showing his support for XRP and his criticism of the SEC at the same time. However, Musk is happy for the XRP community.

At the time of writing, the price of XRP is trading at $0.44, down more than 2%. However, XRP has rebounded from the low of $0.43 in the past 24 hours.

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Elon Musk’s history with the SEC

The Tesla CEO also has a history with the SEC, where the regulator has attacked him for his tweets and continues to investigate him over the Twitter matter. A 2018 consent decree requires Elon Musk to seek approval from his attorney before posting anything about Tesla on Twitter.

Elon Musk and his legal team called the SEC’s action “government-imposed muzzle“. The lawyers claim that the SEC’s action violates free speech. In addition, the SEC questioned Musk’s comments about the Twitter acquisition.

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