- Morgan claims that the SEC is corrupt for preferring Ethereum to the Ripple Token, XRP.
- CPAC wants to investigate the conflicts of interest and examine Hinman’s conduct.
Recently, an XRP attorney has charged the Securities and Exchange Commission with (SEC) of corruption in the ongoing Ripple v. SEC court case, claiming excessive bias towards Ethereum at the expense of Ripple’s native asset, XRP.
Bill Morgan, a pro-XRP attorney, has pointed out that the former SEC Officer William Hinman is at the core of the issue. This has sparked a flurry investigation and discussion. Blockchain researcher Collin Brown highlights Morgan’s critiques and the legal disputes between Ripple, the SEC and other parties.
Bill Morgan, a lawyer criticizes SEC’s favoritism #Ethereum You can find out more about this by clicking here. #XRPThis has led to more allegations of bias in regulatory decisions. CPAC files complaints against William Hinman who was a former SEC official. The complaint questions his involvement with Ethereum and calls for an investigation. Amidst SEC-Ripple lawsuit revelations,… pic.twitter.com/sNS6t3YCGP
— Collin Brown (@CollinBrownXRP) May 29, 2024
XRP’s Lawyers Claim Against SEC
Bill Morgan vented He posted on Facebook his annoyances at what he calls “ETH Gate.” He accused SEC of corruption tactics by pointing out the timing of its Ripple investigation. Morgan wrote sarcastically in the beginning of his article that it was all a plot of the XRP group.
But it is all just a grand conspiracy of the XRP community 😂.
It is good summary and that is without even taking into account that the SEC started investigating Ripple, at a time when XRP was number 3 in market cap behind Ethereum, in April 2018 while the draft of the Hinman… https://t.co/D4j5j6vG1p
— bill morgan (@Belisarius2020) May 29, 2024
Hinman seemed to be favoring Ethereum when Hinman made his remarks. He also highlighted that the investigation began at a time when XRP ranked third in the cryptocurrency market by capitalization.
Morgan’s comments coincide with the increased attention paid to William Hinman during his time as a SEC employee. The Conservative Political Action Conference, or CPAC, filed a formal complaint against Hinman with the New York Bar Association and the California Bar Association. They accused him of unethical behavior and potential conflicts of interests.
CPAC has filed a complaint regarding Hinman’s previous ties. It draws attention to a 2018 speech in which he argued that Ethereum shouldn’t be classified as a financial instrument.
Allegations of Conflicts of Interest
Andrew Langer has spoken out in support of an investigation of Hinman’s conduct. Langer’s grievances mostly center on Hinman’s ties to Simpson Thacher & Bartlett (STB), his previous law firm, which was active in the Enterprise Ethereum Alliance.
This link is a serious conflict of interest, as it implies that Ethereum may benefit from its regulatory status. Hinman’s Speech affected
Hinman’s 2018 speech was crucial in that it released Ethereum from regulatory scrutiny at the same time Simpson Thacher promoted Ethereum’s use across a variety of sectors.
CPAC’s suit highlights that Hinman may have benefited from his former company’s better market position as a result, or perhaps, of Hinman’s advice on regulatory matters. Hinman’s behavior has become more controversial due to SEC’s long and contentious discovery process against Ripple.
Hinman may have already determined that Ether wouldn’t be classified as a financial instrument, but internal SEC email shows that Vitalik Buterin was consulted before Hinman gave his speech.
This discovery has increased claims of prejudice and corruption within the SEC. Hinman’s departure from the SEC in 2020 and his return to STB, before joining Andreessen Horowitz cryptocurrency team raised more concerns.
The XRP market is currently in a state of flux
CoinMarketCap shows the price of the XRP coin at the moment of this writing to be about $0.5290The ‘down 0.12% From the day before. The same applies to the previous day. 0.12% The decline also indicates that the market was bearish during the week prior.
CNFs are available to help you in the mean time article In the middle of tokens’ erratic prices swings, an XRP whale The exchange has just dump 50 million tokens.
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Source: www.crypto-news-flash.com