- The XRP community member speculates that the SEC harbors significant concerns regarding disclosing Joseph Lubin’s identity.
- The XRP community has diligently examined the extensive collection of over 400 pages of publicly released Hinman documents.
In the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), the XRP community has diligently examined the extensive collection of over 400 pages of publicly released Hinman documents.
Their objective is to comprehend the reasoning behind the decision made by Bill Hinman, the former director of the SEC’s Division of Corporation Finance, to grant Ethereum (ETH) a non-security classification while Ripple remains under regulatory scrutiny.
As reported by NewsBTC, Hinman engaged in a phone conversation with Vitalik Buterin, the co-founder of Ethereum, prior to his speech to gain insight into Ethereum’s operational dynamics. Furthermore, Hinman went against the recommendation of the SEC’s Office of General Counsel (OGC), which advised against incorporating ETH into the significant speech.
Fresh Insights Uncovered by the XRP Community
After conducting a comprehensive analysis of the Hinman documents, Ashley Prosper, a member of the XRP community, made intriguing discoveries concerning Ethereum and Bill Hinman. It is worth noting that in 2020, Hinman rejoined the law firm Simpson Thacher, which happens to be associated with the Ethereum Enterprise Alliance.
According to Prosper, the documents shed light on the significant influence exerted by Simpson Thatcher and ConsenSys to ensure Hinman’s delivery of the Ethereum Free Pass speech. Interestingly, Hinman deliberately chose not to share the speech with any commissioners, except Jay Clayton, as he believed involving others would “significantly slow down the process.”
Furthermore, Hinman affirmed that he conducted thorough research on Ethereum before delivering his speech. However, he acknowledged his inability to provide information about the amount of Ether (ETH) owned by individuals such as Joe Lubin, Vitalik Buterin, or the Ethereum Foundation, as well as the sources of funding for the Ethereum Foundation.
In addition, the XRP community member speculates that the SEC harbors significant concerns regarding disclosing Joseph Lubin’s identity. The SEC’s decision to redact any mention of “Joe” in Hinman’s interview, even when related to Joseph Grundfest, further reinforces this suspicion.
#XRP #XRPCommunity
The SEC is so worried about revealing Joseph Lubins’ name that they redacted every reference to the name Joe in Hinmans deposition. Even when it belonged to Joesph Grundfest, whom they already identified by name. The fear is real… what does @ethereumJoseph… pic.twitter.com/j9vUnuHIOy— Ashley PROSPER (@AshleyPROSPER1) June 15, 2023
Prosper stated,
“Jorge Tenreiro [SEC attorney] is fighting tooth and nail in Hinman’s deposition to prevent any answers related to ETH, Ethereum, Consensys, or Lubin. Just look at how he approaches the ETH questions compared to the Bitcoin ones.”
However, Prosper discovered a section within the documents that discloses Hinman’s involvement in four to five meetings with ConsenSys and personal discussions with individuals affiliated with the company.
Based on Prosper’s discoveries, esteemed XRP community member Mr. Huber speculates that the urgency of the speech was to exempt Ethereum from the impending ethics provision. This provision, set to be implemented the following week, would have mandated government employees to disclose their holdings of ETH.
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According to Mr. Huber, “Hinman’s speech not only prevented that from happening, but it also ensured that many politicians joined Ethereum afterward, which is why people are still trying to cover it up.”
Following the publication of the emails, Ripple’s Chief Legal Officer Stuart Alderoty asserted that the correspondence demonstrated Hinman’s disregard for cautionary advice from colleagues, highlighting that his speech lacked legal foundation and led to ambiguity regarding the classification of securities. At the very least, Alderoty appears to insinuate that Ripple has faced unjust treatment from regulatory authorities.
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