XRP Allegedly Attacked By Hinman SEC For Ethereum Profits
The legal battle between Ripple and the Securities and Exchange Commission (SEC) has taken an interesting turn. Prominent lawyers have brought serious allegations against former SEC Director William Hinman, suggesting he was paid to undermine XRP for Ethereum (ETH).
Controversy erupted following the June 2018 release of Hinman’s emails and a draft of his speech. During a recent live CryptoLaw podcast, pro-XRP attorney John Deaton expressed frustration with the content and purpose of the disclosed documents. Joining the discussion, Jeremy Hogan, a lawyer and cryptocurrency expert, supports Deaton’s concerns and claims that Hinman accepted payment for delivering a speech declaring Ethereum a non-security.
Hogan’s assertion was primarily based on email exchanges between Hinman and his colleagues. This correspondence allegedly revealed that Hinman had labeled his early emails as “Ether speech” before he even started composing them. Hogan argues that this choice of title suggests that Hinman’s goal from the start was to make clear that ETH should not be considered a security.
Hinman’s speech, delivered in 2018, is considered a breakthrough moment in the cryptocurrency industry. It is widely considered to be an official SEC declaration that Ethereum does not fall under the category of securities. This announcement brings much needed clarity to cryptocurrency regulation, marking a significant win for Ethereum and the entire digital asset ecosystem.
However, Hogan argues that the speech serves a dual purpose. Not only did it give Ethereum free access, but it also aimed to undermine XRP, which was Ethereum’s biggest competitor at the time. Hogan’s claim relates to Ripple’s ongoing legal battle with the SEC, in which Ripple argues that XRP should not be classified as a security and is subject to regulation.
These accusations by Hogan are expected to fuel speculation regarding the relationship between the SEC and the cryptocurrency industry. They raise questions about the potential influence of external factors on the SEC’s decision-making process. However, it’s important to note that Hogan’s claims are speculative and have no real evidence.
Currently, XRP is valued at $0.4731, having made a minor recovery of 0.6% in recent days after dropping to $0.4564 on Wednesday. Despite the recent dip, XRP enthusiasts remain optimistic, eagerly anticipating a positive outcome that could push the cryptocurrency to new yearly highs, surpassing the $0.5833 mark reached in May. This optimistic prospect could position XRP, currently the sixth largest cryptocurrency, to reach the important $1 milestone.
