BitBoy Crypto claims former SEC director took bribes to mark ETH as a commodity
Crypto influencer Ben Armstrong (BitBoy Crypto) alleged that former SEC Director William Hinman accepted bribes to declare Ethereum (ETH) a commodity in a tweet on October 9.
Must say when #ETHGate dropped I was in about the same place @IOHK_Charles is. He brings up many valid points in the 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) 9 October 2022
Armstrong made his statement in response to Cardano’s ( ADA ) founder Charles Hoskinson’s thoughts on the issue of corruption among SEC officials.
Hoskinson urges Ripple advocates to argue against XRP being security
According to Hoskinson, Ripple’s lawyers should argue that an independent and decentralized token like XRP should not be declared a security instead of suggesting that the SEC gave ETH a free pass due to corruption.
Analyzing the allegations of corruption seems to imply that Ethereum was also going to be sued by the SEC, but it was not due to circumstances. But how does this in any way solve the larger problem of cryptocurrencies being forced into a framework that doesn’t make sense? (9/16)
— Charles Hoskinson (@IOHK_Charles) 8 October 2022
Ripple’s community had suggested that the SEC’s former director William Hinman accepted bribes from firms with a financial interest in ETH. According to them, this is why the former director declared that Bitcoin (BTC) and Ethereum were not securities in a speech in 2018.
Meanwhile, some in the XRP community disagreed 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 have significant significance and are based on fact, not conspiracy.
BitBoy stated that he believes Hoskinson has valid points. However, he stated:
“William Hinman certainly accepted bribes. It’s clear.”
The SEC has refused to release Hinman’s speech
The US SEC has refused to release Hinman’s controversial 2018 speech, claiming 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 that use the blockchain technology. According to the crypto firm, the filings were intended to assist the court.
Hoskinson and Ripple’s co-founder call for regulation
Hoskinson further reiterated his opinion, saying“the whole XRP affair should not have happened.”
I agree with @IOHK_Charles on the larger point – there is no regulatory clarity on how to classify and use crypto in the US, which is why the SEC uses regulation by enforcement to bring all crypto under their purview. This affects us all.
— Chris Larsen (@chrislarsensf) 9 October 2022
Ripple co-founder Chris Larsen agreed that the more critical issue is the lack of regulatory clarity about the classification and use of crypto.
He further praised Hoskinson’s work in developing a code for Proof of Useful Work, an attempt to make Bitcoin carbon negative.
