Bitrabo Editorial
In a recent social media post, a prominent pro-XRP attorney named Bill Morgan criticized the Securities and Exchange Commission (SEC) for perceived bias towards Ethereum at the expense of XRP. These claims are part of a wider controversy involving former SEC official William Hinman, which has prompted formal complaints from the Conservative Political Action Conference (CPAC).
Morgan’s remarks, shared on X, highlighted his frustration over “ETH Gate” and questioned the SEC’s integrity regarding their investigation into Ripple when XRP was a top cryptocurrency. The timing coincided with the drafting of Hinman’s speech, raising concerns about regulatory misconduct.
CPAC Backs XRP Advocates
The CPAC Foundation, through its Center for Regulatory Freedom, has filed complaints with the New York and California Bar Associations against William Hinman, a former SEC official. This move follows the intensified scrutiny surrounding Hinman’s 2018 speech that deemed Ethereum not a security, impacting the crypto market significantly.
Andrew Langer, Director of CPAC’s Center for Regulatory Freedom, highlighted potential ethical issues in Hinman’s actions, given his prior affiliations and the implications of his regulatory decisions. Hinman’s shift from a law firm with ties to blockchain to the SEC raised questions about conflicts of interest.
The complaint by CPAC emphasized the connections between Hinman’s speech and Ethereum’s market status, citing emails with Ethereum’s founder and Hinman’s past firm’s involvement with the Enterprise Ethereum Alliance.
These revelations, uncovered during the SEC’s legal battle with Ripple, underscore discrepancies in the treatment of XRP and Ethereum. Critics argue that Ethereum received more leniency, further fueling the debate around regulatory fairness.
Currently, XRP is being traded at $0.52907.