In a bold call for transparency, pro-XRP attorney John Deaton urges the US Securities and Exchange Commission (SEC) to provide clarity over Bill Hinman’s controversial speech. Deaton pushes the regulator to release the long-awaited Inspector General (IG) report on Hinman’s “Ether Speech.”
John Deaton Urges SEC To Release Hinman Report
In a recent X post, John Deaton urged the US SEC to bring transparency to the contentious Hinman speech. The lawyer pushes the regulator to fully disclose past wrongdoings, particularly regarding the SEC’s handling of former Director William Hinman’s 2018 “Ether Speech.”
Significantly, John Deaton believes that the IG report should be made public to shed light on the SEC’s approach to crypto classification. He also believes that such a move could ensure transparency in regulatory actions. He argues that releasing the report is crucial to understanding whether regulatory decisions were made impartially. Thus, Deaton urges new SEC Chair Paul Atkins and key officials like Mark Udeya and Hester Peirce “to support making the report public.”
John Deaton’s Call for Transparency
Previously, in December, John Deaton underscored the necessity of releasing the IG report on the Hinman speech. The XRP lawyer wrote that the facts surrounding Willian Hinman’s 2018 Ether Speech suggest a potential conflict of interest. Reportedly, this violates the federal law 18 USC 208, which prohibits government officials from engaging in conflict-of-interest activities.
Notably, John Deaton’s latest X post reinforces his previous statements. He emphasizes that the public has a right to know the investigation’s findings, regardless of the outcome.
In a recent development, Deaton clarified the ambiguities surrounding the SEC’s explanations on the roles of XRP, SOL, and other altcoins within the US government. The SEC’s official page has released a document clarifying the altcoins’ roles. However, Deaton asserted that the SEC itself hasn’t been involved in it.
Will SEC Bring Clarity To Crypto Regulations and Classifications?
For context, John Deaton’s statement could be linked back to a controversial speech by William Hinman, the former Director of the SEC’s Division of Corporation Finance. In 2018, Hinman stated that Ethereum’s Ether token was not a security, which became a “free pass” for the token. Later, Empower Oversight flagged potential conflicts of interest due to William Hinman’s ties to Simpson Thacher & Bartlett.
The SEC’s recent shift towards a progressive crypto stance has sparked speculation that they may heed Deaton’s call for transparency. Recently, the SEC has officially dropped lawsuits against multiple crypto firms, including Kraken, Cumberland, and Consensys.
The post John Deaton Urges SEC to Release Hinman Docs in Crypto Case: Will It Comply? appeared first on CoinGape.
