Last Updated: 31 May 2023
Attorney John Deaton, a well-known advocate for XRP, has recently disclosed that the Ethics Office of the U.S. Securities and Exchange Commission (SEC) did not approve William Hinman’s controversial speech. Hinman, the former director of SEC’s Corporation Finance, delivered a speech in 2018 where he classified Bitcoin and Ethereum as non-securities but failed to mention XRP. Deaton shared a document that revealed the departments within the SEC that received drafts of Hinman’s speech, with the Ethics Office being noticeably absent from the list. This raises questions about the official approval process for Hinman’s speech and has significant implications for the ongoing legal battle between Ripple and the SEC.
Lack of Ethics Office Approval Raises Questions
Deaton, expressing his views on social media, argued that if the SEC’s Ethics Office had approved Hinman’s speech, it would have been made public long ago. He believed that such approval would have been crucial information in the case, stating that being able to claim that the Ethics Chief cleared his speech would have been like a “get out of jail free” card for Hinman. Deaton’s disclosure regarding the absence of the Ethics Office in the email chain of Hinman’s speech drafts recipients has attracted renewed attention to the matter.
Suspicions of Malpractice Surrounding Hinman
As the controversy surrounding Hinman’s speech continues to grow, allegations of corruption and conflicts of interest have been levied against him. Non-profit watchdog Empower Oversight has even called for an investigation into Hinman’s conduct, pointing out that he received significant profit sharing from the pro-Ethereum law firm Simpson Thatcher & Bartlett while holding a key position at SEC’s Corporation Finance. Furthermore, Empower Oversight revealed that despite warnings from the Ethics Office, Hinman continued to engage with Simpson Thatcher. These revelations have further fueled the scrutiny surrounding Hinman’s actions.
Anticipation for Release of Hinman’s Emails
The upcoming release of Hinman’s emails on June 13, 2023, is highly anticipated and expected to provide additional insights into the matter. These emails are likely to shed further light on the approval process, potential conflicts of interest, and any other pertinent details that may influence the ongoing legal proceedings and the SEC’s case against Ripple.
Ripple’s Positive Price Performance Amidst Controversy
In the midst of the legal battle and the controversy surrounding Hinman’s speech, Ripple (XRP) has experienced some gains, indicating a positive trend in its price performance. Over the past 24 hours, Ripple has seen a price surge of 4.83%, reaching a price of $0.5024 at the time of writing. Notably, this growth extends beyond the short term, with a seven-day price increase of 9.02%. The surge in price can be attributed, in part, to a significant increase in trading volume. Over the past 24 hours, Ripple’s trading volume has risen by 86.94%, reaching $1,363,414,126. This surge in trading volume reflects substantial liquidity and market activity surrounding Ripple.
Given the recent surge in Ripple’s price and trading volume amidst the legal battle and controversy surrounding Hinman’s speech, investors may be intrigued by the potential opportunities presented by XRP. Platforms such as Profit Secret and BitAlpha AI provide avenues for investors to explore the Ripple market and consider their investment strategies in a dynamic and evolving cryptocurrency landscape.