“Pro-XRP Lawyer Insists ‘ETH Gate’ Real As CPAC Takes Action


In
a
post
on
social
media,
Bill
Morgan,
a
leading
pro-XRP
attorney,
reiterated
allegations
of
biased
regulatory
practices
by
the
Securities
and
Exchange
Commission
(SEC),
accusing
them
of
showing
undue
favoritism
towards
Ethereum
at
the
expense
of
XRP.
This
assertion
aligns
with
a
broader
accusation
involving
former
SEC
official
William
Hinman,
which
is
now
culminating
in
formal
complaints
by
the
Conservative
Political
Action
Conference
(CPAC).

Morgan’s
fiery
commentary

surfaced
on
X,
where
he
expressed
his
frustrations
over
“ETH
Gate”
with
a
touch
of
sarcasm:
“But
it
is
all
just
a
grand
conspiracy
of
the
XRP
community.
It
is
a
good
summary
and
that
is
without
even
taking
into
account
that
the
SEC
started
investigating
Ripple,
at
a
time
when
XRP
was
number
three
in
market
cap
behind
Ethereum,
in
April
2018
while
the
draft
of
the
Hinman
speech
was
being
worked
on
by
dozens
of
SEC
staff
and
attorneys.
How
corrupt
can
a
regulator
be.”

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XRP
Army
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Backed
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CPAC

His
statement
comes
after
the
legal
and
ethical
scrutiny
surrounding
former
Securities
and
Exchange
Commission
(SEC)
official
William
Hinman
has
intensified,
with
the
Conservative
Political
Action
Conference
(CPAC)
Foundation
leading
the
charge.
Through
its
Center
for
Regulatory
Freedom,
CPAC
has
submitted
formal
complaints
to
the
New
York
and
California
Bar
Associations,
alleging
unethical
behavior
and
potential
conflicts
of
interest
during
Hinman’s
tenure
at
the
SEC.

The
allegations
stem
from
Hinman’s
pivotal
2018
speech
where
he
clarified
the
regulatory
status
of
Ethereum
(ETH),
suggesting
it
should
not
be
classified
as
a
security—a
decision
that
has
had
far-reaching
implications
in
the
cryptocurrency
landscape.

Andrew
Langer,
Director
of
the
CPAC
Foundation’s
Center
for
Regulatory
Freedom,
stated
in
the
complaint,
“Mr.
Hinman’s
affiliations
and
actions
while
serving
in
a
high-ranking
SEC
role
raise
serious
ethical
questions
that
warrant
thorough
investigation
by
the
respective
Bar
Associations.”

William
Hinman’s
career
trajectory
and
associations
form
the
core
of
the
controversy.
After
leaving
his
position
as
a
partner
at
Simpson
Thacher
&
Bartlett
(STB)—a
firm
known
for
its
financial
services
and
involvement
in
the
blockchain
industry—Hinman
was
appointed
Director
of
the
SEC’s
Division
of
Corporation
Finance
in
May
2017.

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Notably,
in
June
2018,

Hinman
delivered
a
speech
that
effectively
differentiated
Ethereum
from
securities,
relieving
it
of
stringent
regulatory
scrutiny
applicable
to
securities
transactions.

This
speech
coincided
with
Simpson
Thacher’s
involvement
in
the
Enterprise
Ethereum
Alliance
(EEA),
an
organization
focused
on
promoting
the
use
of
Ethereum
across
various
business
sectors.
CPAC’s
complaint
emphasizes
the
potential
conflict
of
interest,
highlighting
that
Hinman’s
former
firm
stood
to
gain
from
Ethereum’s
enhanced
market
position,
which
was
arguably
influenced
by
Hinman’s
regulatory
guidance.

The
complaint
by
CPAC
relies
heavily
on
a
series
of
internal

SEC
emails
and
external
communications,
which
include
dialogues
with
Ethereum
co-founder
Vitalik
Buterin
prior
to
Hinman’s
2018
speech.
These
documents
were
uncovered
during
the
extensive
discovery
process
in
the
ongoing
SEC
lawsuit
against
Ripple
Labs.
Ripple,
whose
XRP
token
was
classified
by
the
SEC
as
a
security
in
a
late
2020
lawsuit,
arguably
faced
harsher
regulatory
treatment
than
Ethereum,
a
point
of
contention
highlighted
by
critics
like
pro-XRP
lawyer
Bill
Morgan.

At
press
time,
XRP
traded
at
$0.52907.

XRP
price,
1-week
chart
|
Source:

XRPUSD
on
TradingView.com

Featured
image
from
Shutterstock,
chart
from
TradingView.com

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Author: Jake Simmons


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