NewsletterXRP News: Hinman Emails Depicts SEC Fovoured Ethereum Over Other Cryptos
XRP News: The long running legal battle between U.S. Securities and Exchange Commission (SEC) and Ripple Labs just got intensified with the public release of Hinman Speech related documents. The crypto community is going through each and every page of it, however, an overview of it suggests that the Commission favored Ethereum ahead of all other digital assets.
Also Read: Vitalik Involved In Process Of Hinman’s Infamous ETH Speech; Reveals Docs
Why ETH Not XRP?
The crucial documents revealed why then SEC Director Bill Hinman mentioned Bitcoin and Ethereum and let the XRP out of this category. However, Hinman’s speech indicated that a digital asset offered as a security can, over time, change into something other than a security. It highlighted that Ether was not a security even though it was launched through an initial coin offering (ICO).
It is mentioned that the internal departments had some second thoughts about stating Ethereum in the speech. Hinman drew opposition for the reason that he included Ether in the speech draft. However, he stated they have a call scheduled with Vitalik Buterin, Ethereum Founder, later that week in order to confirm the understanding of ETH foundations operations. Read More XRP News Here…
The comments from the Trading and Markets Department in response to Hinman’s speech draft stated that the speech is what the market participants were asking for and they are very supportive of the speech and what it is communicating to the general public.
Also Read: Hinman Docs Reveal In XRP Case To Congressional Hearing; Why This Week Is Crucial For Crypto?
Meanwhile, the SEC’s Office of General Counsel (OGC) turned out to have concerns with the draft’s language about Ether. It also issued a proposal to remove it from the draft and even from the final version of the controversial speech. It added that it might become difficult for the agency to take a different position on Ether ahead.
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