In the ongoing legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), attorney John Deaton, representing over 75,000 XRP holders, has intensified calls for transparency.
Deaton has demanded that SEC Chairman Gary Gensler release the long-awaited Hinman Report within 10 days, underscoring its significance to the case and the broader public interest.
Deaton’s Push for Accountability
Deaton’s request stems from delays in the report’s release, which centers on former SEC official William Hinman’s 2018 speech declaring Ethereum (ETH) not a security. This speech has become a focal point in the Ripple case, raising questions about potential conflicts of interest within the SEC.
Empower Oversight, an independent watchdog, has also called for an investigation into these alleged conflicts. While the Office of the Inspector General (OIG) has completed its inquiry and submitted the findings to SEC Chairman Gensler, the report remains unpublished. This lack of transparency has drawn criticism from the XRP community and beyond.
The Role of the Hinman Report in Ripple’s Case
The Hinman Report is pivotal to Ripple’s defense. It could clarify the SEC’s regulatory approach to cryptocurrencies and provide insight into why Ethereum received a regulatory pass while Ripple’s XRP was categorized as a security.
Deaton has stressed the importance of the report, arguing that its release could reveal inconsistencies in the SEC’s treatment of digital assets. Such findings might have implications not only for XRP’s classification but also for the broader crypto industry’s regulatory landscape.
Call for Action and Community Mobilization
Deaton has urged the SEC to release the report, framing it as a matter of public interest. He has also encouraged the crypto community to amplify this demand by contacting the SEC directly through emails and calls.
Conclusion
The Ripple vs. SEC case has become a defining moment for cryptocurrency regulation. John Deaton’s call for the Hinman Report’s release underscores the need for transparency and fairness in the regulatory process. As the deadline approaches, the crypto world watches closely, knowing the outcome could shape the future of digital asset governance.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.