XRP Reportedly Attacked by SEC’s Hinman to Benefit Ethereum

The legal battle between Ripple and the Securities and Exchange Commission (SEC) has taken a new turn as top lawyers accuse former SEC director William Hinman of being paid to attack XRP in favor of Ethereum (ETH). Is.

Following the release of Hinman’s emails and drafts of his June 2018 speech, pro-XRP attorney John Deaton Express His frustration with the intent of the documents he released recently appeared on a live Crypto Law podcast.

Payment for shorting XRP in favor of Ethereum?

Jeremy Hogan, attorney and cryptocurrency expert, also weighed in on the matter, alleging that former SEC director of corporate finance, Bill Hinman, was paid to deliver a speech in which he declared that Ethereum was not a security.

According to Hogan, major cryptocurrency company Ripple suggested that Hinman was paid by the Ethereum Foundation or someone related to Ethereum to give a speech and a free pass to Ethereum.

Hogan’s claims are based on email exchanges between Hinman and his aides, which purportedly show that Hinman named his first email “the ether speech” even before the speech was prepared.

This, according to Hogan, suggests 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 was delivered in 2018, was seen by many in the cryptocurrency industry as a landmark moment in which the SEC effectively declared that Ethereum was not a security.

This was seen as a significant victory for Ethereum and the broader cryptocurrency industry, as it clarified how the SEC would regulate cryptocurrencies.

However, Hogan suggested that the speech was not only a free pass to Ethereum but also an attack on XRP, which was Ethereum’s biggest competition at the time. Hogan’s claims are based 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 outside factors. However, it is important to note that Hogan’s claims are based on speculation and have not been proven.

Currently, XRP is priced at $0.4731, indicating a slight recovery of 0.6% from the previous day. This comes after a drop to $0.4564 on Wednesday. Despite the recent decline, XRP enthusiasts remain optimistic and await a positive outcome that could potentially propel the cryptocurrency’s price to a new yearly high, surpassing the $0.5833 mark in May .

This could put XRP in a favorable position to reach the $1 milestone as the sixth largest cryptocurrency in the market.

Featured image from Unsplash, chart from TradingView.com