- The XRP community suggests intriguing links between former SEC Director, Bill Hinman, and Ethereum following a deep dive into the recently released Hinman documents.
- Hinman’s apparent inclination towards Ethereum, despite SEC’s Office of General Counsel’s advice, and his connection to Simpson Thacher, a member of the Ethereum Enterprise Alliance, have raised eyebrows among XRP advocates.
In the ongoing legal confrontation between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), fervent XRP supporters have been meticulously examining the recently disclosed 400-plus pages of documents tied to Bill Hinman, former director of the SEC’s Division of Corporation Finance. The focus of their investigation is to unravel why Ethereum (ETH) was exempted from security classification under Hinman’s watch.
Reports suggest that prior to his public announcement considering Ethereum a non-security, Hinman held a phone call with Ethereum co-founder Vitalik Buterin, seeking to understand Ethereum’s functioning better. Interestingly, this move to absolve Ethereum was contrary to the advice of the SEC’s Office of General Counsel (OGC), which recommended against including ETH in the controversial speech.
An XRP community member, Ashley Prosper, made some notable discoveries in her review of the Hinman documents. These documents allegedly hint at substantial pressure from Simpson Thacher, Hinman’s former law firm and a member of the Ethereum Enterprise Alliance, and ConsenSys for Hinman to deliver the Ethereum Free Pass speech. Furthermore, to expedite the process, Hinman purportedly avoided sending the speech draft to any commissioners, with the exception of Jay Clayton.
While Hinman declared that he conducted an in-depth study of Ethereum before his speech, he was seemingly unable to disclose the amount of Ether (ETH) owned by key figures like Joe Lubin, Vitalik Buterin, or the Ethereum Foundation, nor could he specify the Foundation’s funding sources.
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The meticulous dissection of the Hinman documents also revealed that Hinman had several meetings with ConsenSys and engaged in direct conversations with individuals connected with the company. Prominent XRP community member Mr Huber, basing his deductions on Prosper’s findings, conjectures that Hinman’s speech’s urgency could have been to preempt the impending enforcement of an ethics provision. This provision would have mandated all government employees to disclose their ETH holdings.
Echoing these sentiments, prominent XRP lawyer Jeremy Hogan speculates that Hinman might have been financially incentivized to provide Ethereum with regulatory immunity. However, he also emphasizes that Ripple is wary of making accusations against parties like the Ethereum Foundation due to a lack of substantial evidence.
As of the last update, XRP is trading at $0.4735, marking a 6.3% decrease in the last 24 hours.
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