Attorney John Deaton, known for his pro-XRP stance, has disclosed that the SEC’s Ethics Office did not approve William Hinman’s controversial speech.
The former director of SEC’s Corporation Finance, Hinman, made remarks in 2018 classifying Bitcoin and Ethereum as non-securities but failing to mention XRP.
Deaton recently shared a document that shed light on the various departments at the SEC that received drafts of Hinman’s speech.
Surprisingly, the Ethics Office was notably absent from the list of recipients, raising questions about the official approval process for the speech.
SEC’s Ethics Office Approval Could Have Helped Ripple, Deaton
Expressing his views on social media, Deaton asserted that if the SEC Ethics Office approved Hinman’s speech, it would have been made public long ago.
Deaton believed such approval would have served as crucial information in the case, stating that being able to say the Ethics Chief cleared my speech would be a proverbial get of jail free card.
This disclosure by Deaton comes days after he revealed that the Ethics Office, headed by Danae Serrano, was not included in the email chain of Hinman’s speech drafts recipients.
Hinman Suspected Of Malpractice
The controversy surrounding Hinman’s speech has continued soaring as the case lingered, with allegations of corruption and conflicts of interest levied against him.
Non-profit watchdog Empower Oversight even 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.
As the legal battle between Ripple and the SEC intensifies, Deaton’s latest disclosure regarding the SEC Ethics Office and the Hinman documents has attracted more attention to them again.
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 revelation will impact the ongoing legal proceedings and whether it will influence the SEC’s case against Ripple.
Ongoing Trend In XRP Market
Meanwhile, Ripple (XRP) has made some gains, indicating a positive trend in its price performance even with the US debt default controversy.
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. Notably, Ripple’s growth extends beyond the short term, with a seven-day price growth of 9.02%.
The price surge can be attributed, in part, to the growing trading volume. Over the past 24 hours, the trading volume for Ripple has increased by 86.94%.
The trading volume currently stands at $1,363,414,126, reflecting substantial liquidity and market activity.
Featured image from Pixabay and chart from TradingView