- The newly disclosed documents in the U.S. SEC vs Ripple lawsuit reveal that Ethereum founder Vitalik Buterin was consulted in the process leading up to Hinman’s Ethereum-defining speech.
- The SEC’s Office of General Counsel suggested removing references to Ethereum from the final version of the speech due to concerns about future legal implications.
In a significant revelation related to the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple, documents have shown that Ethereum founder Vitalik Buterin was consulted in the preparatory stages of the influential Hinman speech. This address granted Ethereum a unique clarity by distinguishing it from “securities,” a pivotal moment for the cryptocurrency industry.
As part of the ongoing SEC vs Ripple case, documents connected to Hinman’s speech have been made public, casting new light on the internal decision-making processes leading up to this landmark presentation. Notably, Ripple’s Rule 56.1 statement was among the many documents released.
As per the unveiled documents, Vitalik Buterin provided insights to the SEC leading up to Hinman’s contentious speech. An excerpt from these documents reveals that opposition was growing within the SEC against classifying Ether, Ethereum’s native currency, alongside Bitcoin as examples of digital assets that are not “securities” as of May 31, 2018.
In a significant turn of events on June 4, Hinman, then the SEC director, shared a speech draft with the commission division heads. Notably, he mentioned a scheduled call with Buterin later in the week to clarify the U.S. SEC’s understanding of the Ethereum Foundation’s operations. This course of action suggests that the draft may not have fully reflected Hinman’s understanding of Ethereum’s workings.
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Interestingly, the SEC’s Office of General Counsel (OGC) suggested removing Ethereum references from the speech’s final version. The rationale behind this proposal was the OGC’s apprehension about the complexities it might face if it needed to adopt a differing stance on Ethereum in the future.
The General Counsel underscored that Vitalik Buterin possesses significantly more knowledge about Ethereum than typical retail investors. This point led to the OGC’s suggestion to eliminate Ether-related language from the final version of Hinman’s draft.
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