The legal battle between Ripple and the Securities and Exchange Commission (SEC) has taken a new twist as top lawyers accuse former SEC Director William Hinman of being paid to attack XRP in favor of Ethereum (ETH).
Following the release of Hinman’s emails and drafts of his June 2018 speech, pro-XRP attorney John Deaton expressed his frustration with the intent of the released documents on a recent live CryptoLaw podcast.
Payments To Disparage XRP In Favor Of Ethereum?
Jeremy Hogan, lawyer and cryptocurrency expert, also weighed in on the matter alleging that former SEC Director of Corporate Finance, Bill Hinman, was paid to give a speech in which he declared that Ethereum was not a security.
According to Hogan, Ripple, a leading cryptocurrency company, has suggested that Hinman was paid by the Ethereum Foundation or someone related to Ethereum to give the speech and give Ethereum a free pass.
Hogan’s claims are based on email exchanges between Hinman and his colleagues, which reportedly show that Hinman had already named his first email “the Ether speech” before he began crafting the speech.
This, according to Hogan, suggests that “right from the get-go”, Hinman is saying that ETH is not a security, and that was the point of him making the speech.
Hinman’s speech, which was delivered in 2018, was seen by many in the cryptocurrency industry as a landmark moment in which the SEC effectively declared that Ethereum was not a security.
This was seen as a significant victory for Ethereum and the wider cryptocurrency industry, as it provided clarity on how the SEC would regulate cryptocurrencies.
However, Hogan has suggested that the speech was not only a free pass for Ethereum but also an attack on XRP, which was at the time Ethereum’s biggest competition. Hogan’s claims are based on Ripple’s ongoing legal battle with the SEC, in which Ripple has argued that XRP is not a security and should not be regulated as such.
Hogan’s allegations are likely to fuel speculation about the relationship between the SEC and the cryptocurrency industry, and the extent to which the SEC’s decisions are influenced by external factors. However, it is important to note that Hogan’s claims are based on speculation and have not been proven.
At present, the value of XRP stands at $0.4731, indicating a marginal recovery of 0.6% over the past day. This comes after a dip to $0.4564 on Wednesday. Despite the recent drop, XRP enthusiasts remain optimistic and are looking forward to a positive outcome that could potentially boost the cryptocurrency’s price to a new yearly high, surpassing the $0.5833 mark hit in May.
This could position XRP, the sixth largest cryptocurrency on the market, in a favorable position to reach the $1 milestone.
Featured image from Unsplash, chart from TradingView.com