Amidst the nearing XRP lawsuit settlement, the US SEC released the long-awaited Hinman report, sparking controversy. Despite this development, the XRP community remains disappointed, as the Inspector General’s report on Bill Hinman’s controversial speech reportedly lacks clarity.
Experts like John Deaton and MetaLawMan highlight the inconsistencies in the IG’s Hinman report. Let’s analyze their statements and the report’s key implications on the XRP lawsuit.
XRP Lawsuit: Experts Reveal Inconsistencies in Hinman Report
Although the US SEC has released the Inspector General’s Hinman report, the XRP community raises concerns about its inconsistencies. Prominent players like John Deaton and MetaLawMan, who have been vocal throughout the XRP lawsuit, emphasized the IG’s “whitewashing” of William Hinman’s Ethereum speech.
Significantly, XRP lawyer John Deaton posited that the IG’s Hinman report is flawed. He added that the IG is competent, hinting at her biased findings. Listing a few reasons for his statement, Deaton wrote, “Here’s a few points off the top of my head that proves the IG is either incompetent or something else is at play.”
What Are John Deaton’s Findings?
In his recent X post, John Deaton pointed out several reasons for his disappointment with the IG report of Bill Hinman’s speech. According to Deaton, the IG’s claim that owning ETH wouldn’t constitute a conflict of interest contradicts SEC policies that prohibit token ownership to prevent conflicts. The XRP lawyer highlighted multiple points to question the report’s credibility.
Hinman’s Meetings with Simpson Thacher
Reportedly, Bill Hinman met his partners at Simpson Thacher, despite warnings from SEC Ethics. One of the partners Hinman met with was involved in the Canaan IPO, a company that manufactured Ethereum (ETH) mining equipment. This raises questions about potential favoritism or influence.
Were Hinman’s Words Personal?
In the XRP lawsuit, Hinman claimed that his speech that deemed Ethereum as a non-security represented his personal opinion. In contradiction, the IG stated that it was collaborative.
Previously, John Deaton urged the SEC to release the Hinman report to provide more clarity to the ongoing crypto case, including the XRP lawsuit. Though the SEC publicized the report, he remains disheartened due to the IG’s biased statements.
Experts Slam IG’s Hinman Report
Furthermore, lawyer MetaLawMan underscored the “narrow scope” of the IG’s investigation of Hinman’s speech. According to him, the investigation was limited to determining whether Hinman broke any criminal laws rather than thoroughly examining potential conflicts of interest or ethics violations.
Moreover, highlighting its biased nature, the XRP proponent stated, “And, of course, the investigation was conducted, and the report completed, under the Gensler regime.”
What’s Next for the XRP Lawsuit?
In a surprising development, the US SEC dropped its appeal in the XRP lawsuit, after which Ripple withdrew its cross-appeal. Despite this development, the ultimate settlement of the case remains uncertain, sparking multiple interpretations.
Many believe that an imminent settlement is likely in the XRP case. However, the Hinman report’s inconsistencies have further complicated the Ripple lawsuit, with uncertain implications for its outcome.
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