This development has reignited discussions surrounding the ongoing lawsuit between the SEC and Ripple, raising questions about regulatory transparency and fairness in the cryptocurrency market.

The Hinman Enigma

The investigation, initiated from a May 2022 Freedom of Information Act (FOIA) request filed by Empower Oversight, a non-profit organization, alleges that Hinman while serving as Director of the SEC Division of Corporation Finance, failed to disclose potential conflicts of interest related to his prior ties to Simpson Thacher, a law firm with connections to the Ethereum Enterprise Alliance.

Controversy also stems from a 2018 speech where Hinman declared Ethereum (ETH) as a non-security asset, seemingly contradicting the SEC’s actions against other digital assets deemed securities. Empower Oversight claims Hinman met with former Simpson Thacher colleagues during his tenure at the SEC, further fueling concerns about potential conflicts.

John Deaton Reacts

The SEC’s investigation holds significant implications for Ripple, a blockchain company currently embroiled in a legal battle with the agency. John Deaton, the lawyer representing over 75,000 XRP holders, views the Hinman probe as potentially impactful.

He emphasizes the importance of ethical governance and fair competition within the crypto market, echoing his successful defense of Ripple in securing a victory related to programmatic XRP sales.

We must have our ethics’ rules followed, and when they’re not, they must be enforced. America is at its greatest when we have a level playing field and we allow the best technologies and innovations to compete fairly. And we must ALWAYS stand up against gross government… https://t.co/bs0IbYfSq6

— John E Deaton (@JohnEDeaton1) February 15, 2024

Beyond Ripple: Crypto’s Regulatory Crossroads

While the Ripple case remains a major focus, the Hinman investigation raises broader concerns regarding the SEC’s approach to cryptocurrency regulation. The lack of clear regulatory frameworks and potential conflicts of interest create uncertainty and hinder innovation in the industry.

The crypto community awaits the OIG’s findings with bated breath, hoping for transparency and accountability that can pave the way for a more equitable regulatory landscape.

Legal experts are analyzing the potential impact of the investigation on the Ripple lawsuit, while the broader crypto community seeks clarity and fairness in the regulatory environment. As the investigation unfolds, the future of cryptocurrency regulation remains at a crossroads, and the Hinman probe serves as a crucial turning point in this ongoing saga.

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The post XRP Lawyer Reacts As SEC Confirms Investigating William Hinman appeared first on Times Tabloid.

Hoskinson’s Analysis and Findings

During a recent Ask-Me-Anything (AMA) session, Hoskinson highlighted key documents released by Ripple Labs in June. These documents revealed that former SEC official, William Hinman, had met with Vitalik Buterin, co-founder of Ethereum, one week prior to giving a speech declaring Bitcoin (BTC) and Ethereum (ETH) as non-securities.

Read Also: Ethereum’s Vitalik Buterin: XRP is Listed As Crypto Despite Being Completely Centralized

The revelation of this meeting fueled speculation that the Ethereum team may have bribed Hinman in order to secure favorable treatment for ETH. However, Hoskinson argues that the available evidence does not support such allegations.

Charles says the #HinmanEmails did not prove corruption, just favoritism.#ETHGate @StevenNerayoff pic.twitter.com/93WfI5u6wP

— wEeZiE {X}FireGaryGensler (@NerdNationUnbox) October 10, 2023

Favoritism Rather than Corruption

According to Hoskinson, the evidence suggests that Hinman displayed favoritism towards Ethereum. He emphasized that favoritism and corruption are distinct concepts, with the latter involving attempts to influence government officials through monetary means or other inducements.

While it is not uncommon for businesses to attempt to shape government regulations to their advantage, Hoskinson emphasized the importance of transparency and avoiding conflicts of interest in these efforts.

Implications of Hoskinson’s Analysis

Hoskinson’s analysis carries several implications. Firstly, it suggests that the regulation of cryptocurrencies by the SEC may exhibit bias towards certain projects. This raises concerns about fairness and equal treatment in the regulatory landscape.

Secondly, Hoskinson’s perspective sheds light on the need for transparency in the SEC’s decision-making process. A clear understanding of the criteria and motivations behind regulatory actions is crucial for ensuring the integrity and accountability of such agencies.

Furthermore, this analysis highlights the significance of ethical conduct and conflict of interest rules within government agencies. Upholding ethical standards is paramount in maintaining public trust and ensuring objective decision-making processes.

Hoskinson’s insight into the ETHGate controversy stems from his expertise and experience as a co-founder of Ethereum. While it’s important to acknowledge this potential bias, his perspective contributes valuable insights for consideration.

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Read Also: Ethereum’s Vitalik Buterin Wishes Crypto Projects Victory in SEC Lawsuits, XRP Community Reacts

The complexity of the ETHGate controversy means that a definitive conclusion may never be reached regarding allegations of Ethereum bribing the SEC. Nevertheless, Hoskinson’s analysis underscores the distinction between favoritism and corruption.

It is worth noting that the SEC’s regulation of cryptocurrencies is still in its nascent stages. As the cryptocurrency industry continues to grow and evolve, open and honest discussions regarding effective regulatory frameworks become increasingly crucial.

In addition to the implications mentioned earlier, Hoskinson’s analysis also has implications for the XRP community. If Hinman’s favoritism towards Ethereum is confirmed, it could raise concerns of unjust targeted at XRP by the SEC. Such implications may significantly impact Ripple Labs’ ongoing lawsuit with the SEC.

Overall, Hoskinson’s thought-provoking perspective on the ETHGate controversy offers valuable insights into the regulation of cryptocurrencies by the SEC and the potential for biases in the decision-making process.

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The post Cardano’s Hoskinson on ETHGate: Nothing To Prove That Ethereum Bribed the SEC Against XRP appeared first on Times Tabloid.

After several court orders and pressurizations from the case defendants Ripple, Brad Garlinghouse, and Chris Larsen, the Gary Gensler-led SEC finally released the drafts and emails related to the 2018 infamous speech made by William Bill Hinman, a one-time Director of Corporation Finance at the securities agency.

At the release of the Hinman Speech Documents, the SEC insisted that the San Francisco-based cross-border payment firm keep them confidential. To this end, Ripple has continued to keep these documents away from its community and the general public.

But in a Thursday letter filing, the SEC argued that it has not waived privilege, requesting that internal SEC documents and references to Hinman Speech documents in Ripple’s papers reflecting nonpublic deliberations by SEC officials be sealed.

As written in the sealing request motion, “the SEC produced these internal documents after this Court denied the SEC’s Objections to Magistrate Judge Netburn’s findings that these documents were not protected by the deliberative process or attorney-client privileges.

The SEC respectfully maintains that the Hinman Speech Documents are protected by these privileges. But if these documents were to become part of the public record, the SEC would be foreclosed from making any such argument in the future (on appeal in this litigation or in other litigation), which would be highly prejudicial to the SEC.”

Related: Defense Lawyer Says SEC May Ask the Judge to “Stay the Judgment” If Ripple Wins. What Does This Mean? Details

XRP Community Lawyers Respond

This move by the U.S. regulatory body has increased the curiosity of the XRP community to know the content of the Hinman Speech Documents. Among those who responded to the SEC’s latest statements included Bill Morgan, a widely-followed lawyer, and XRP supporter.

In his words, “SEC is arguing that they haven’t waived privilege against the world because they handed them to Ripple as ordered but under the protective order w/o giving up appeal rights. I am not sure how the SEC argues it hasn’t waived privilege when the court found they’re not privileged.”

“On this court’s findings, there is no privilege to waive or not waive. I get the appeal point. If it can still appeal the issue of privilege is not finally resolved but once those appeal rights are exhausted how can it maintain the documents are privileged in another proceeding as a ground to seal them in this case? It is not a question of the value of the decision in this case as a precedent but a question of res judicata,” Morgan added.

Considering that the SEC also threatened an appeal of Judge Analisa Torres’ Summary Judgment in the process of making this Hinman speech documents sealing request, another XRP proponent, Simon J said, “So will Judge Analisa Torres succumb to the threat of an appeal by the SEC on her Summary Judgment ruling because they still want to cover up the Hinman emails?”

This tweet also came in response to Attorney Jeremy Hogan’s opinion on the Hinman-related documents sealing request from the SEC, where he stated that he is now more curious to read the documents.

Read Also: Here Are Upcoming Crucial Events and Dates in the XRP Lawsuit As Published By Attorney James K. Filan

Why the SEC Seeks To Seal Hinman Speech Document 

It is not strange that the SEC is pressing hard to keep Hinman’s speech documents concealed. Notably, it took about 18 months and six court orders before these drafts and internal emails were released to Ripple as stated by Ripple General Counsel Stuart Alderoty.

The SEC perceives that the content of the documents in question will not only negatively affect its case against Ripple but will greatly thwart the agency’s move to achieve a crypto regulation through enforcement. It bears mentioning that in the 2018 speech made by William Hinman, the ex-SEC senior officer stated that Ether (ETH) is not a security.

Ripple argues that the XRP Ledger native token and many other altcoins possess several characteristics with the second-largest crypto, Ethereum. Therefore, the SEC attacking only XRP has been a common topic in the crypto community. Regardless, many crypto proponents and U.S. attorneys including John Deaton as well as Ripple CEO Brad Garlinghouse, firmly believe the final ruling in the ongoing Ripple Labs vs SEC lawsuit will not be the same as the LBRY-SEC case.

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The post SEC Begs Court To Conceal Hinman Speech Documents in XRP Lawsuit. Here’s Why appeared first on Times Tabloid.

In 2018, William Hinman gave a speech about Ethereum (ETH), which has now become a bone of contention in the ongoing Ripple-SEC case, where the argument is whether or not XRP is a security.

At the time, William Hinman was the Director of the Division of Corporation Finance at the SEC. While Ripple kept pressing hard for the release of these documents and emails, the SEC has employed various tactics to keep it concealed.

As earlier reported by Timestabloid, Judge Netburn ruled that the SEC should release the Hinman documents, stating that “the DPP does not apply to the Internal Speech Documents because those documents were intended to facilitate the communication of Hinman’s own opinions regarding the application of the securities laws to digital asset offerings and not the opinions of the SEC.”

After the ruling, the SEC which was unwilling to release the documents filed an objection. However, Judge Analisa Torres has recently overruled the objection, concurring with Judge Netburn’s verdict on the issue.

Read Also: Brad Garlinghouse Explains Why He Believes XRP Is Not a Security

The Gary Gensler-led SEC is expected to comply, however, popular Attorney James K. Filan believes the SEC could still make attempts to avoid releasing Hinman’s document to Ripple and the court. Filan wrote to his 113K followers saying;

“First, they can ask Judge Torres to reconsider her order overruling the SEC objection. Second, they could skip the motion for reconsideration and just ask her to certify an appeal of the decision she issued today. Third, they could go to the Court of Appeals directly on a Petition for Writ of Mandamus.

As I’ve mentioned before, these are all low probability of success maneuvers. But if the SEC wants to delay producing the documents, they may try any or even all of these maneuvers, and that could take an additional 2 to 3 months to work out. None of these attempts at delay, however, will impact the summary judgment schedule.”

#XRPCommunity #SECGov v. #Ripple #XRP 1/4 Some thoughts on the next steps in the quest for the Hinman documents. The SEC has a number of procedural cards they can play to try to further delay complying with the order to produce the Hinman documents.

— James K. Filan 115k (beware of imposters) (@FilanLaw) September 30, 2022

The critical nature of the documents has made it one of the factors capable of deciding how the Ripple-SEC case will end. While Ripple believes the facts from the speech could tilt the case in its favor, the SEC perceives that it could contradict its current argument about XRP.

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The post Defense Lawyer States 3 Tactics SEC Could Use To Further Delay Hinman Documents Release to Ripple appeared first on Times Tabloid.

According to John Deaton in a Friday tweet, William Hinman was involved in profit sharing with a crypto firm while still in office as the head of SEC’s Corporate Finance. As a matter of concern, this was during the period he made a controversial statement regarding Ethereum (ETH). 

Per the update, William Hinman got $7.8 million in profit sharing in 2017. He also received $1.8 million from Simpson Thatcher, a partner of the Ethereum-related firm, in 2018.

2017 Hinman got $7.8M in profit sharing and 2018 he got $1.8M in profit sharing – in addition to “retirement” money. This is why there was a complete criminal bar against him having any contact with Simpson Thacher. Yet, he disobeyed the SEC Ethics Office again and again. https://t.co/eVpwojpwkU pic.twitter.com/3LGc2ZYLoR

— John E Deaton (213K Followers Beware Imposters) (@JohnEDeaton1) September 2, 2022

Being an officer of the SEC by then, this profit-sharing involvement was a huge conflict of interest. Back then, the securities watchdog ordered Hinman to avoid Thatcher but disobeyed.

“This is why there was a complete criminal bar against him having any contact with Simpson Thacher. Yet, he disobeyed the SEC Ethics Office again and again,” John Deaton wrote. 

John Deaton is the attorney representing over 70,000 XRP holders in the ongoing lawsuit between Ripple and the SEC. He has been an active supporter of Ripple in the legal battle as he believes that the SEC is just all out to assault the crypto industry.

The @SECGov claims that it is withholding all the edits and Drafts of the Hinman Speech as it was created in anticipation of litigation. What litigation were they anticipating when drafting the speech? It’s all BS and the SEC is deliberately hiding the information. https://t.co/Ligf88uBdH

— John E Deaton (213K Followers Beware Imposters) (@JohnEDeaton1) September 2, 2022

Read Also: Attorney John Deaton to SEC: Go After Ripple If You Have a Case, but Don’t Hurt XRP Investors

SEC Conceals Hinman’s Statement

The Ex-SEC official, William Hinman is a very crucial element in the ongoing XRP lawsuit filed against Ripple, the leader in enterprise blockchain and crypto solutions, by the SEC. 

In 2020, the SEC filed a case against the San Francisco-based crypto company alleging that Ripple sold unregistered securities. Almost two years down the line, the court battle is yet to end. The Ripple-SEC case is now regarded as the crypto legal tussle of the century. 

In 2018, Hinman made a very critical speech and the SEC employed many tactics to withhold the documents associated with the speech. However, Ripple has not relented from demanding the release of the documents. 

Read More: SEC Files Reply Brief to Defend Its Refusal to Release Hinman’s Speech Drafts

During the speech, Hinman asserted that Ethereum (ETH) isn’t a security. The SEC believes that divulging these documents and drafts would place Ripple Labs in a better position to win the case.

Meanwhile, another former SEC official, John Berry, has claimed that Bitcoin (BTC), Ethereum (ETH), and Ripple digital token XRP are similar. He meant that XRP should be treated like the two largest cryptocurrencies.

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The post John Deaton Reveals that Hinman Received Over $9 Million from an Ethereum-Related Firm appeared first on Times Tabloid.

The SEC’s ex-attorney made this argument in a recently surfaced video clip shared on YouTube. In his comments, he said that XRP possesses some similarities with Bitcoin (BTC)  and Ethereum (ETH). 

He also spotted the differences between the three digital assets, citing that all three do not fit for the Howey Test. Therefore, John Berry implies XRP isn’t a security as opposed to the claims by the SEC which led to the ongoing XRP lawsuit filed against Ripple. 

Read Also: The Judge Handling Ripple-SEC Lawsuit Pinpoints Hypocrisy in SEC’s Arguments

Speaking of the Howey Test, Investopedia describes it as “the United States Supreme Court case for determining whether a transaction qualifies as an investment contract, and therefore would be considered a security and subject to disclosure and registration requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934.”

In the video, John Berry answered a question from the renowned litigator Sean Prosser. Sean Prosser asked, “if Ripple could have any defenses should the SEC apply the Howey Test.” 

In response, the former SEC employee said, “The SEC, I think, is getting more aggressive. XRP as a token is a lot similar to Ether which is then similar to BTC.” Additionally, he remarked that the SEC has never brought a case against Ether (ETH) despite its similarity with XRP. 

Read Also: Ripple Moves To Resist SEC’s Attempt to Keep Hinman Documents Away from XRP Lawsuit

This statement by John Berry is similar to William Hinman’s statement made in 2018 about Ethereum (ETH). Hinman’s statement which confirmed that ETH isn’t a ‘security’ turned out to be very critical in the ongoing Ripple-SEC lawsuit. 

The SEC, on the other hand, has employed various tactics to conceal the drafts and other documents relating to Hinman’s statement from Ripple and the presiding court.

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The post Ex-SEC Attorney Shares Reason Why XRP Should Be Treated Like Bitcoin and Ethereum appeared first on Times Tabloid.

In a recent letter to Judge Analisa Torres written on behalf of the SEC, attorney Ladan F. Stewart requests permission to file two briefs in an attempt to object to the recent ruling by Judge Sarah compelling the SEC to release a draft of Hinman’s 2018 speech.

William Hinman is a former director of the regulatory agency. Back in 2018, he delivered a speech stating that Ethereum (ETH), the second-largest crypto by market cap, is not a security.

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Attorney James K. Filan who reported the development wrote, “The SEC has requested permission to file a 30-page opening brief and a 10-page reply brief in support of the SEC’s Objections to Magistrate Judge Netburn’s ruling ordering the SEC to disclose the Hinman speech documents. Ripple objects.”

#XRPCommunity #SECGov v. #Ripple #XRP The SEC has requested permission to file a 30-page opening brief and a 10-page reply brief in support of the SEC's Objections to Magistrate Judge Netburn’s Ruling Ordering the SEC to the disclose the Hinman Speech documents. Ripple objects. pic.twitter.com/We1PtV0t24

— James K. Filan 106k (beware of imposters) (@FilanLaw) July 21, 2022

Read Also: Brad Garlinghouse: Ripple Would Spend Over $100 Million Fighting SEC in Ongoing XRP Lawsuit

As also reported by James K. Filan, Ripple has filed its opposition to the SEC’s request.

“Ripple defendants file their opposition to the SEC’s motion requesting an excess length brief and a reply brief in support of the SEC’s forthcoming objections to Judge Netburn’s Order compelling the SEC to release the Hinman documents.”

#XRPCommunity #SECGov v. #Ripple #XRP Ripple defendants file their opposition to the SEC's motion requesting an excess length brief and a reply brief in support of the SEC’s forthcoming objections to Judge Netburn's Order compelling the SEC to release the Hinman documents. pic.twitter.com/3Xcz8UfnGk

— James K. Filan 106k (beware of imposters) (@FilanLaw) July 22, 2022

Earlier this year, Federal Judge Sarah Netburn ordered the SEC to make the documents available in court, but the agency challenged the order. The Judge struck down the challenge in April and once again ordered the SEC to release the draft requested by the court.

The SEC then responded with another notable delay tactic. The agency claimed that attorney-client privilege protected the Hinman documents. The reason for holding back the emails was also shut down recently by the Judge.

Read Also: Attorney Deaton: Failure to Sue Jed McCaleb for Selling 9 billion XRP Shows SEC’s Claims against Ripple Are Illegitimate

The SEC Keeps Looking For Ways around the Lawsuit

The SEC has also deployed another tactic by distancing itself from the speech and tagging it Hinman’s personal opinion.

“The SEC has distanced itself from the Speech to avoid discovery and sought to preclude Hinman’s deposition on the grounds that whatever he said in the Speech, it had nothing to do with the SEC’s position.

“The hypocrisy in arguing to the Court, on the one hand, that the Speech is not relevant to the market’s understanding of how or whether the SEC will regulate cryptocurrency, and on the other hand, that Hinman sought and obtained legal advice from SEC counsel in drafting his Speech, suggests that the SEC is adopting its litigation positions to further its desired goal, and not out of a faithful allegiance to the law.”

A couple of days ago, Ripple recorded a big win against the SEC after Judge Sarah Netburn rejected the agency’s attorney-client privilege claims, insisting that the documents must be produced.

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The post Ripple Moves To Resist SEC’s Attempt to Keep Hinman Documents Away from XRP Lawsuit appeared first on Times Tabloid.

In a series of tweets, Deaton shared his opinion regarding the risk in filing a lawsuit against Hinman following calls within the XRP community that say Hinman should be made to face justice.

Read Also: Court Grants SEC’s Request to File Motion That Could Protect Hinman’s Documents from Ripple

According to the attorney, there is no proof yet that Hinman knew that Simpson Thacher was a member of the Enterprise Ethereum Alliance (EEA) before he joined.

John Deaton noted:

“The truth is anyone could file a suit today. But, as of right now, the case would get dismissed with prejudice based on the qualified immunity Hinman enjoys as a former government official.

“I have said if Hinman knew his law firm was a member of the EEA and he didn’t get approval from the Ethics Office (which he couldn’t), it would, IMO, constitute a violation of criminal conflict laws. But we must PROVE Hinman had actual knowledge that STB was a member of the EEA.

“We don’t have proof, yet. Only a fraction of Hinman’s deposition was disclosed to the public. I GUARANTEE during Hinman’s deposition he was asked whether he knew Simpson Thacher was a member of the EEA. I GUARANTEE he said that he wasn’t aware of it when he gave the speech.

“How can I be so sure? Because if he admits he knew his firm was a member of the EEA, he incriminates himself. It is a blatant violation of criminal conflict laws. If he admits he knew, he has to admit he should’ve sought clearance from the Ethics Office.”

Deaton said the Ethics Office would have never approved the speech if it had knowledge about his EEA membership and that he was a profit-sharing partner.

Read Also: Brad Garlinghouse Speaks On How Ripple Would Respond If the Case Fails To End in Favor of XRP

Hinman Is Waiting To Be Sued By Ripple

Attorney Deaton further added that he’s certain Hinman has been preparing to be sued by Ripple so that he could gain the chance to dismiss the case with his high priced lawyers and a team of lawyers from the SEC:

“I have no idea if the Ripple lawyers had evidence to the contrary when they cross-examined Hinman. Unless the Deposition is made public or relevant information appears in Ripple’s Summary Judgment papers, we won’t see it. This is why we MUST get an investigation.

“Trust me, Hinman hopes we sue him prematurely. His massive team of high priced lawyers along with a team of lawyers from the SEC will rush to dismiss the case. Hinman and the SEC will show up immediately invoking qualified immunity.”

Why it’s Risky for Ripple to Sue Hinman Now

According to Deaton, if Ripple files a case without no substantial evidence against Hinman, it could be dismissed by the Judge with prejudice, which would prevent the progress of any future related case.

He said although SEC claimed that the speech was Hinman’s personal opinion, it could show up at any case filed against Hinman to claim that the speech was an official SEC work product and therefore protected by immunity.

Deaton explained the risk as shared below:

“A federal judge is not going to let us engage in a fishing expedition and serve discovery requests on Hinman hoping we find proof of actual knowledge. Qualified immunity shields Hinman and other government officials from being served discovery. We need the evidence upfront.

“Thus, if we filed a case and the only evidence we have is Bill Hinman denying he knew his firm was a member of the EEA, the Judge would say there is no evidence Hinman acted outside the scope of his duties for his own personal gain.

“The fact that so many other SEC lawyers and staff helped him with the speech supports a claim that he wasn’t acting outside the scope of his duties as Director of Corporation Finance.

“Despite the SEC claiming it was his personal opinion in the Ripple case, does anyone seriously doubt that the SEC would show up in a case against Hinman and tell the Judge that the speech was an official SEC work product and therefore protected by immunity. Of course, they would.

Read Also: Ripple CTO David Schwartz Slams Elon Musk, Reveals Motive behind His Proposal to Take Over Twitter

“Without more proof, all we can show, today, is a gross appearance of impropriety. Ignoring the Ethics Officer’s warning not to meet with STB is enough to warrant an investigation but it’s not enough to pierce through the shield of immunity to overcome a motion to dismiss.

“An appearance of impropriety (even a gross one) is not enough to get over the hurdle of qualified immunity in the early stages of a civil lawsuit. The Judge would dismiss the case with prejudice. If a judge dismisses the case with prejudice, it could be game over for justice.

“If the case is dismissed with prejudice, it can prevent any future case from going forward, even if strong evidence of wrongdoing surfaced later. There are doctrines of law called res judicata and collateral estoppel that could be triggered by a dismissal with prejudice.

“If a second case was filed later, with additional evidence, Hinman’s lawyers could invoke these doctrines of law and a judge could rule that the issue was already decided and that he must honor the prior judge’s ruling.

“Even worse, when we ask a Congressman or Senator sitting on the Financial Services Committees to investigate, they might say “didn’t a federal judge look at this already and decide it lacked merit?” Imagine that. In fact, Hinman would love it. He could control the narrative.”

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The post Attorney John Deaton Highlights Why it’s Risky for Ripple to Sue Hinman for His Criminal Violation appeared first on Times Tabloid.

In the suit filed against Clayton and Hinman, Rispoli alleged that former executives acted in favor of their previous and present employers, which can be strongly linked to Ethereum, in order to kill the hope of hundreds of XRP investors across the world.

In a series of tweets on the 13th of April, Frispoli pointed out that he decided to file the lawsuit against the duo on behalf of the teeming XRP community members because no agency has heeded the community’s calls for the investigation of the activities of former SEC chairman Clayton and the commission’s finance director Hinman.

Rispoli stated that there is enough evidence to prove that the two executives were involved in shady practices when they were leaders at the SEC.

In a series of tweets, Rispoli noted:

“We now know ONLY SOME of the seedy underbelly of what happened behind closed doors, in secret, with Mr. Clayton #HomerJayClayton and Mr. Hinman #WillyHinman regarding their conspiracy to destroy the XRPL Network.

“These two knew each and every XRPL Network User had a substantial interest in the growth and development of the XRPL Network. These two knew–while collecting taxpayer-funded, government salaries–that the XRPL Network was a massive threat to the financial interests of their former clients and previous employers. Though many have rightly called for an investigation into this conduct, no investigation is coming. No congressional subpoenas are on the horizon.

“And besides a handful of lone voices, no other crypto communities are coming to stand by as allies in support of a just cause. In truth, the XRP Army always knew this.

“It always was and likely always will be for the XRP Army to shoulder the burden alone, carrying on its back the communities who are too blind to see they are only in the second row of the firing squad.

“But this thread is all about hope. Many of you still have no idea how important and how powerful you truly are. All it takes is One. Which becomes Two. Then Four. Then, eventually, Victory.

“On April 11, 2022, a class action lawsuit was filed against Mssrs. Clayton and Hinman for tortious interference in ALL XRPL Network Users’ valid business expectancy in the XRPL Network. The Lead Plaintiff and my client, Shannon O’Leary, decided to take a stand.

“A stand against what those two did to intentionally harm hundreds of thousands of people, not just in the United States but around the world. I am serving as Shannon’s lawyer in my own personal capacity and with no affiliation but my own.

“This is a case I believe in. It is a case that is fundamentally about justice, fairness, and the rule of law.

“Mr. Clayton and Mr. Hinman through their actions described in the complaint (linked in final tweet), and operating outside of the SEC, took unreasonable and improper action to help their former (and now-current) clients target a rival, competitor blockchain network in order to destroy it. It didn’t have to be like this. The XRPL Network–like ALL blockchain networks–should have been given A LEVEL PLAYING FIELD.

“The XRP Army didn’t ask for this fight. It didn’t start this fight. But it WILL win this fight. And here is where the most important question comes into play.”

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