Morgan makes allegations of corruption against the SEC, claiming that they have shown bias towards Ethereum and neglected Ripple’s XRP token. The actions of former SEC officer William Hinman have come under scrutiny, leading to demands for an investigation into potential conflicts of interest. Pro-XRP lawyer Bill Morgan has been vocal in his criticisms, sparking a discussion on the matter. Blockchain researcher Collin Brown has highlighted Morgan’s accusations and the ongoing legal dispute between Ripple and the SEC.
Morgan took to social media to express his frustrations with what he calls “ETH Gate.” He sarcastically dismissed the SEC’s Ripple inquiry as a conspiracy of the XRP community. He pointed out that the investigation started when XRP was the third-largest cryptocurrency by market capitalization and when Hinman’s remarks seemed to favor Ethereum.
The attention on William Hinman’s time at the SEC has increased. The Conservative Political Action Conference (CPAC) has filed a complaint with the New York and California Bar Associations, accusing Hinman of unethical behavior and possible conflicts of interest. The complaint raises concerns about Hinman’s 2018 speech in which he argued that Ethereum should not be classified as a security.
Andrew Langer, Director of the Center for Regulatory Freedom at CPAC, has been vocal in supporting an inquiry into Hinman’s actions. Langer’s grievances revolve around Hinman’s ties to Simpson Thacher & Bartlett (STB), his former law firm, which was involved with the Enterprise Ethereum Alliance. This connection raises ethical concerns and suggests a conflict of interest, as Hinman’s speech had an impact on Ethereum’s regulatory status.
The CPAC lawsuit highlights how Hinman’s regulatory advice may have benefited his previous company, Simpson Thacher. The SEC’s prolonged and divisive discovery process in the Ripple Labs case has further fueled controversy surrounding Hinman’s conduct. Internal SEC emails show that Hinman consulted with Ethereum co-founder Vitalik Buterin before his speech, intensifying claims of corruption and bias within the SEC. In 2020, Hinman left the SEC and returned to STB before joining Andreessen Horowitz’s cryptocurrency team.
In the current XRP market, the price of XRP is around $0.5290, showing a 0.12% decline from the previous day. This, along with a similar decline in the previous week, indicates a bearish trend. In addition, an XRP whale recently sold 50 million tokens on the exchange, adding to the volatility of the token’s price.
In conclusion, Morgan’s accusations of corruption against the SEC, particularly regarding their treatment of Ethereum and XRP, have sparked a heated discussion. The actions of William Hinman have come under scrutiny, leading to demands for an investigation into potential conflicts of interest. The XRP market continues to experience fluctuations in price, adding to the overall uncertainty surrounding the token.
