The legal battle between Ripple and the Securities and Exchange Commission (SEC) has taken a new turn as top lawyers have accused former SEC director William Hinman of paying to attack XRP in favor of Ethereum (ETH).
Following the release of Hinman’s emails and drafts of his speech in June 2018, pro-XRP attorney John Deaton she expressed His frustration with the intent of the documents was released on CryptoLaw’s recent live podcast.
Payments to Diminish XRP in favor of Ethereum?
Jeremy Hogan, a lawyer and cryptocurrency expert, also weighed in on the matter, claiming that former SEC corporate finance director Bill Hinman was paid to give a speech declaring that Ethereum is not a security.
According to Hogan, a leading cryptocurrency firm, Ripple, suggested that Hinman was paid by the Ethereum Foundation or anyone associated with Ethereum to give the speech and give Ethereum a free pass.
Hogan’s claims are based on emails exchanged between Hinman and his colleagues, which indicate that Hinman had already called his first email an “Ether letter” before he began drafting the letter.
This, according to Hogan, indicates that “from the very beginning,” Hinman has been saying that ETH is not a security, and that was the point of the speech.
Hinman’s speech, which he gave in 2018, was viewed by many in the cryptocurrency industry as the historic moment in which the SEC effectively declared Ethereum not a security.
This was seen as a major victory for Ethereum and the broader cryptocurrency industry, as it provided clarity on how the SEC should regulate cryptocurrencies.
However, Hogan suggested that the rhetoric was not just a free pass for Ethereum but also an attack on XRP, which at the time was Ethereum’s biggest competition. Hogan’s allegations build 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.
Currently, XRP is valued at $0.4731, which indicates a marginal recovery of 0.6% over the past day. This follows a drop to $0.4564 on Wednesday. Despite the recent decline, XRP enthusiasts remain optimistic and look forward to a positive outcome that could lift the cryptocurrency’s price to a new yearly high, surpassing the $0.5833 mark achieved in May.
This could put XRP, the sixth largest cryptocurrency in the market, in a favorable position to reach $1.
Featured image from Unsplash, chart from TradingView.com