In response to a recently circulating document shedding light on former SEC director William Hinman’s interactions with Ethereum co-founders, attorney John Deaton, an advocate for XRP, has expressed his perspective on the matter.
The Controversial Hinman Speech
William Hinman’s speech on June 14, 2018, has sparked considerable controversy, particularly within the XRP community. Many have been curious about the motivations behind Hinman’s assertion that both Bitcoin (BTC) and Ethereum (ETH) should not be classified as securities.
The Hinman documents, recently made public, provide insights into the SEC’s internal discussions leading up to the speech. It was revealed that Ethereum co-founder Vitalik Buterin was consulted during the formulation of the speech.
This consultation came about as a response to objections from senior SEC officials who hesitated to categorize ETH as a non-security alongside Bitcoin.
To address these concerns, Hinman shared a draft of his speech on June 4, 2018, with the intention of gaining a better understanding of Ethereum’s operations from Buterin.
It’s worth noting that Hinman had previously met with Ethereum co-founder Joseph Lubin before his meeting with Buterin.
Uncovering a New Document
Amidst the ongoing debate surrounding Hinman’s speech, a document has emerged, highlighting seven questions that Hinman posed to Buterin and Lubin during their meetings aimed at comprehending the Ethereum project.
These questions delve into topics such as Ethereum’s early developmental stages, decision-making processes within the team, and the correlation between ETH’s value and its utility, among other aspects.
In a recent post, Mr Huber, a pro-XRP enthusiast, suggested that Lubin might have concealed the identities of major Ethereum investors during the meeting. He pointed out that Lubin refrained from disclosing the investors’ identities, even after signing a declaration to truthfully represent ETH.
Additionally, Mr Huber claimed that Buterin did not provide forthright answers to the SEC’s inquiries regarding Ether holdings and the cryptocurrency’s mining power.
Hinman had specifically inquired whether Buterin was aware of any significant Ether holdings and concentrations of mining power.
Hinman’s Restricted Questioning
In response to these revelations, Attorney John Deaton emphasized the significance of the second question among the seven listed in the document. This question aimed to determine the current role of the Ethereum Foundation.
Deaton noted that Hinman was either informed or instructed that Buterin would not address any questions beyond the seven specified in the document.
Furthermore, Deaton encouraged XRP supporters to compare the June 4 draft of Hinman’s speech with the final version in an effort to identify any missing components.