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Ripple

Pro-XRP Lawyer Alleges Lack of Approval by SEC Ethics Office For Hinman’s Speech

Eli Dambel
by Eli Dambel
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Attorney John Deaton, known for his pro-XRP stance, has disclosed that the SEC’s Ethics Office did not approve William Hinman’s controversial speech.

The former director of SEC’s Corporation Finance, Hinman, made remarks in 2018 classifying Bitcoin and Ethereum as non-securities but failing to mention XRP.

Related Reading: BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

Deaton recently shared a document that shed light on the various departments at the SEC that received drafts of Hinman’s speech.

Surprisingly, the Ethics Office was notably absent from the list of recipients, raising questions about the official approval process for the speech.

SEC’s Ethics Office Approval Could Have Helped Ripple, Deaton

Expressing his views on social media, Deaton asserted that if the SEC Ethics Office approved Hinman’s speech, it would have been made public long ago.

Deaton believed such approval would have served as crucial information in the case, stating that being able to say the Ethics Chief cleared my speech would be a proverbial get of jail free card.

This disclosure by Deaton comes days after he revealed that the Ethics Office, headed by Danae Serrano, was not included in the email chain of Hinman’s speech drafts recipients.

Hinman Suspected Of Malpractice

The controversy surrounding Hinman’s speech has continued soaring as the case lingered, with allegations of corruption and conflicts of interest levied against him.

Non-profit watchdog Empower Oversight even requested an investigation into Hinman’s conduct, pointing out that he received significant profit sharing from the pro-Ethereum law firm Simpson Thatcher & Bartlett while in a key position at SEC’s Corporation Finance.

Related Reading: Crypto Crackdown In Bali: Gov’t Targets Foreign Tourists’ Use Of Digital Currency

Empower Oversight also revealed that despite warnings from the Ethics Office, Hinman continued to engage with Simpson Thatcher.

As the legal battle between Ripple and the SEC intensifies, Deaton’s latest disclosure regarding the SEC Ethics Office and the Hinman documents has attracted more attention to them again.

The public release of Hinman’s emails, scheduled for June 13, 2023, is highly anticipated and expected to provide further insights into the matter.

It remains to be seen how this revelation will impact the ongoing legal proceedings and whether it will influence the SEC’s case against Ripple.

Ongoing Trend In XRP Market

Meanwhile, Ripple (XRP) has made some gains, indicating a positive trend in its price performance even with the US debt default controversy.

Over the past 24 hours, Ripple has experienced a price surge of 4.83%, reaching a price of $0.5024 at the time of writing. Notably, Ripple’s growth extends beyond the short term, with a seven-day price growth of 9.02%.

Pro-XRP Lawyer Alleges Lack of Approval by SEC Ethics Office For Hinman's Speech
XRP trends higher on the chart l XRPUSDT on Tradingview.com

The price surge can be attributed, in part, to the growing trading volume. Over the past 24 hours, the trading volume for Ripple has increased by 86.94%.

The trading volume currently stands at $1,363,414,126, reflecting substantial liquidity and market activity.

Featured image from Pixabay and chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Eli Dambel

Eli Dambel

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Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future. You can follow Eli on Twitter: @EliDambel

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