- Ethereum co-founder Joseph Lubin played a pivotal role in crafting the divisive 2018 cryptocurrency speech by William Hinman, former SEC Director of Corporation Finance.
- The newly disclosed documents, which highlight Lubin’s involvement, have ignited a storm of outrage within the XRP community.
The world of cryptocurrencies is no stranger to controversy and heated debates. The latest tumult originates from newly disclosed documents, painting a stark picture of Ethereum co-founder Joseph Lubin’s significant role in the infamous June 2018 crypto speech by former SEC Director of Corporation Finance, William Hinman.
The Core of the Contention
The documents, released by the watchdog group Empower Oversight on August 3, 2023, illustrate a close-knit collaboration between Lubin, his firm ConsenSys, and Hinman. Lubin was seemingly instrumental in shaping Hinman’s controversial cryptocurrency speech, delivering a more prominent impact on Hinman’s viewpoints and objectives than was previously known. This speech is a critical juncture in the ongoing Ripple case, as the SEC later asserted that other similar cryptocurrencies, including XRP, were unregistered securities.
Lubin’s Unveiled Influence
Not stopping there, the documents also unveil that Lubin appears to have orchestrated a meeting between Hinman and Ethereum creator Vitalik Buterin as the drafting of the speech advanced. Additionally, investors and attorneys intimately connected with Ethereum were markedly present during a March 28, 2018 meeting discussing a crypto safe harbor proposal.
This information also underscores a conflicting meeting between Hinman and Simpson Thacher partner Chris Lin. Despite recurrent warnings about conflicts of interest rules from the SEC Ethics Office, Hinman, who was receiving substantial payments from Simpson Thacher while at the SEC, met Lin.
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XRP Community Responds
The disclosure of these documents has lit a fire under the XRP community, colloquially known as the “XRP Army.” Their discontent with the SEC’s management of the situation is palpable and intensifying. Leading members of the XRP community, like Fred Rispoli, a lawyer at HODLaw, and Digital Asset Investor.XRP, are openly questioning the seeming double standards and alleged misconduct.
With these revelations brought to light, the debate concerning the SEC’s approach towards cryptocurrencies and its enforcement decisions is sure to escalate. The XRP community, steadfast in its commitment, remains resolute in holding the SEC accountable for its actions.
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