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Crypto influencer Ben Armstrong (BitBoy Crypto) alleged that former SEC Director William Hinman accepted bribes to declare Ethereum (ETH) a commodity in an Oct. 9 tweet.
Gotta say when #ETHGate dropped I was about at the same place @IOHK_Charles is. He makes many valid points in thread.
However, William Hinman certainly accepted bribes. It’s CLEAR.
My 3 biggest holdings are $XRP, $ADA, & $ETH and I refuse to take sides. They all win.
— Ben Armstrong (@Bitboy_Crypto) October 9, 2022
Armstrong made his statement in reaction to Cardano’s (ADA) founder Charles Hoskinson’s thoughts on the issue of corruption among SEC officials.
Hoskinson urges Ripple lawyers to argue against XRP being security
According to Hoskinson, Ripple’s lawyers should be arguing that an independent and decentralized token like XRP shouldn’t be declared security instead of implying that the SEC gave ETH a free pass because of corruption.
Analyzing the allegations of corruption seems to imply that Ethereum should also be sued by the SEC but wasn't because of relationships. But how does this in any way solve the larger issue of cryptocurrencies being forced into a framework that makes no sense? (9/16)
— Charles Hoskinson (@IOHK_Charles) October 8, 2022
Ripple’s community had suggested that SEC’s former director William Hinman accepted bribes from firms with a financial interest in ETH. According to them, this was why the former director declared that Bitcoin (BTC) and Ethereum were not securities in a 2018 speech.
Meanwhile, some within the XRP community did not agree with Hoskinson’s views, arguing that his description of the allegations as a conspiracy theory derailed the case.
Pro-XRP lawyer John Deaton insists that allegations against Hinman matter significantly and are based on facts, not conspiracy.
BitBoy stated that he believes Hoskinson has valid points. However, he declared:
“William Hinman certainly accepted bribes. It’s CLEAR.”
SEC has refused to release Hinman’s speech
U.S. SEC has refused to release the controversial Hinman’s 2018 speech, arguing that the speech is irrelevant to the case.
U.S. District Judge Analise Torres recently ordered the commission to release the speech to Ripple — the second time a judge ordered the SEC to hand over the documents.
Ripple recently criticized the SEC for opposing the amicus briefs filed by two firms using its blockchain technology. According to the crypto firm, the filings were meant to aid the court.
Hoskinson and Ripple’s co-founder calls for regulation
Hoskinson further reiterated his opinion, saying, “the entire XRP affair shouldn’t have happened.”
I agree with @IOHK_Charles on the larger point at hand – there is no regulatory clarity on how to classify and use crypto in the US, which is why the SEC is using regulation by enforcement to bring all crypto under their remit. This affects all of us.
— Chris Larsen (@chrislarsensf) October 9, 2022
Ripple co-founder Chris Larsen agreed that the more critical issue is the lack of regulatory clarity on the classification and use of crypto.
He further commended Hoskinson’s work on developing a code for Proof of Useful Work, an attempt to make Bitcoin carbon-negative.