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13th June 2023 > > Hinman Day!


Will Hinman Day become as culturally important to us as Towel Day, and Pizza Day?

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With potential rate rises in the US and EU, and the unveiling of the Hinman documents (see below) we might be subject to some long overdue volatility in crypto prices. Will we be cheering or crying by the end of today?

Curious Cryptos’ Commentary – Hinman Day!!!

So, this is all very exciting. Today should be the day we get to see the unredacted Hinman documents that hopefully shed light on the inner thoughts of William Hinman, a former director of the SEC (Securities and Exchange Commission), when he pronounced that ETH was not a security way back in 2018.

The SEC and Ripple Labs Inc. have been locked in a legal battle over whether XRP (Ripple) is a security or not since 2020. The SEC has fought very hard to keep these documents out of public view, whilst Ripple’s lawyers – having already seen them – have fought very hard to get them out into the public domain. I don’t know about you but that suggests to me that these documents are probably not very helpful to the SEC’s case.

In April 2023, Gensler would not or could not answer a direct question put to him by a U.S. House Committee as to whether ETH is a security or not:

The SEC has claimed that ALGO (Algorand) is a security, in stark contrast to Gensler’s praise in 2019 that ALGO (Algorand) was great technology:

At a Bloomberg conference in 2018, Conference Chair Gary Gensler, now Chair of the SEC, said:

“Over 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name those four? They’re not securities.”

Warren Davidson, U.S. Representative, has put forward a new piece of legislation called “SEC Stabilisation Act” specifically aimed at removing Gensler as Chair of the SEC:

Gensler was Joe Biden’s personal choice for Chair of the SEC, so I assume this bill has precisely zero chance of being signed into law by the current POTUS even if it managed to get through both houses (which it won’t), but it does demonstrate that there some politicians fighting the good fight on our behalf.

For disclosure purposes, I must report that the CCC Treasury has been building a position in XRP in advance of this event. For the techies out there, I am told we are seeing a cup and handle pattern:

Codswallop of course, but I will go with it on this occasion.

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