Professional XRP lawyer John Deaton has called on the US Securities and Exchange Commission (SEC) for his long-awaited IG report on William Hinman’s speech on Ethereum.
Deaton hopes the SEC will publish its report to promote transparency, particularly as the SEC approach to regulating cryptography is under scrutiny.
recently I’ll post it on xDeaton requested that the SEC be made public with internal discussions revolving around Hinman’s statement that led to the investigation. He argues that the report clearly provides investors and the community with whether Ethereum is preferred over other digital assets like XRP.
John Deaton presses SEC to release Hinman Report
In 2018, William Hinman (former SEC official) said Ethereum (ETH) is not security. This comment greatly influenced the way the SEC classified various cryptocurrencies as securities, favoring Ethereum over other assets like XRP that failed to obtain the same public clarification.
Instead of the SEC, which provides clear guidelines for classifying Crypto, we traded XRP as unauthorized security, using Hinman’s statement as the basis for suing XRP’s parent company Ripple. The Crypto community gathered behind XRP and accused the SEC of playing their favorites and imposing other digital assets under more strict regulations.
John Deaton is on the forefront of fighting for the release of the IG Report following the lawsuit against XRP after Hinman’s speech. His complaints stem from an investigation that uncovered Hinman’s ties with the Ethereum Enterprise Alliance, and demonstrates a conflict of interest with the SEC’s decision.
The SEC is facing increasing pressure on crypto regulations
Deaton believes that the SEC has failed to publish the report despite repeated requests from the public, but he believes it questioning the institution’s integrity and fairness in the selection process.
He even called on SEC officials Paul Atkins, Mark Weda and Hester Peirce to promote the release of this report, as they previously campaigned for transparency in the crypto space.
Deaton said that if the report confirms that Hinman’s comments relate to the SEC’s litigation against XRP and decisions regarding other digital assets, the agency should revisit and restructure the entire regulatory process.
The SEC has yet to release an IG report despite growing public pressure to help attract more criticism from investors, lawmakers and industry leaders.
Watchdog Group, which monitors government agencies, businesses and public agencies to ensure transparency, accountability and ethical behavior, also found contradictions in Hinman’s comments. Empower surveillance has identified a possible violation of the federal law, 18 USC 208, which prohibits government officials from participating in issues of financial interest.
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