John Deaton, a lawyer known for his pro-XRP stance, has revealed that the Ethics Office of the US Securities and Exchange Commission (SEC) did not approve William Hinman’s speech that classified Bitcoin and Ethereum as non-securities but did not mention XRP. Hinman, the former director of SEC’s Corporation Finance, made the remarks in 2018. The absence of the Ethics Office’s approval raises questions about the official approval process for the speech.
Deaton shared a document on social media that revealed that various SEC departments received drafts of Hinman’s speech, but the Ethics Office was notably absent. Had the Ethics Office approved Hinman’s speech, it would have already been made public. Deaton believed such approval would have served as crucial information in the case, stating that being able to say that the Ethics Chief cleared his speech would be a proverbial get-out-of-jail-free card.
As the legal battle between Ripple and the SEC intensifies, this new development has renewed interest in the ethics regarding Hinman’s speech, which has faced allegations of corruption and conflicts of interest. Empower Oversight, a non-profit watchdog, 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. Empower Oversight also revealed that despite warnings from the Ethics Office, Hinman continued to engage with Simpson Thatcher.
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 new disclosure will impact the legal proceedings and affect SEC’s case against Ripple.
Ripple Continues to Show Positive Price Performance
Meanwhile, Ripple (XRP) has seen a positive trend in its price performance despite the ongoing controversy surrounding the US debt default. 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. Over the last seven days, Ripple’s price has grown by 9.02%, indicating a positive trend.
Part of the reason for Ripple’s recent growth has been its increased trading volume, which has surged by 86.94% over the past 24 hours. The trading volume currently stands at $1,363,414,126, indicating significant liquidity and market activity.
The positive trend in Ripple’s price performance is a welcome sign for XRP investors.
Featured image from Pixabay and chart from TradingView
