JPMorgan Backs Hinman Speech On Ethereum; Crypto Expert Says This Is Not The Case
XRP Lawsuit News: The crypto community finally got access to the infamous Hinman’s Ethereum Speech linked documents and emails in US SEC Vs Ripple Lawsuit last week. The release of crucial memos is expected to boost Ripple’s native crypto, XRP in the market, however, JPMorgan (JPM) doesn’t think so.
Also Read: Ripple Seek To File For Misconduct Post Hinman Docs Release?
JPMorgan To Bet On Ethereum?
According to reports, JPMorgan in a research report suggested that the US SEC executives admitted the fact that tokens on a sufficiently decentralized network cannot be landed under the “Security” category originates a regulatory gap.
It added that the speech delivered by then SEC Director Hinman noted that there is an other category. However, the official stated that Ethereum is not a security there is no controlling group but still, there may be a call for regulation to shield purchasers.
Nikolaos Panigirtzoglou, a JPMorgan analyst stated that these revelations could suggest that why the authority has not taken action against Ethereum while going after other crypto assets. The report added that the released documents could influence the direction of the current US congressional efforts in order to regulate the crypto industry. Read More XRP Lawsuit News Here…
Crypto expert, Mr. Huber mentioned that the JPMorgan report didn’t address the context given in the drafts and he is just repeating the speech itself. Meanwhile, the thing which is needed to be noted from the drafts is that the executive had no legal authority to make new rules. However, the analyst is noting how Hinman describes the switch from ETH to a commodity in the speech.
He added that ETH supporting people see that several people worked on Hinman’s speech and believe that this can prove the legitimacy of the speech.
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