NEW YORK, United States – The battle between XRP and the Securities and Exchange Commission continues. Recently, more concrete documents were showing up, and things might not look good for the complainant, the Securities and Exchange Commission.
The William Hinman documents have remained a central piece in this lawsuit. Still, the SEC has filed a petition for it not to be disclosed publicly under the “client-attorney privilege” granted by Judge Sarah Netburn. However, a whistleblower emerged with substantial evidence against the former chief of SEC, William Hinman.
Empower Oversight is a non-profit organization that watches over corruption. It said that it could gain access to some documents related to Hinman through the “Freedom of Information” request. The documents stipulated that Hinman had a conflict of interest when he stated that Ethereum was not a form of security in 2018.
The documents revealed that the former chief was in contact with Simpson Thacher & Bartlett law firm, which the Ethics Office prohibited him from doing. The firm is a part of the Enterprise Ethereum Alliance, and Hinman had an undisclosed financial interest. He was also with the company before joining the SEC and rejoined it in 2021.
If this document becomes admissible in court, then Hinman will be asked why the SEC is showing partiality in chasing after cryptocurrency exchanges like XRP while others are getting a “free pass” and what the Ethics Office did to ensure that Hinman will not do such act (conflict of interest), and why despite all efforts, the act still happened.
Many are assuming that the lawsuit will turn against the SEC. If that’s the case, then the XRP can set the stage for other crypto assets not to be chased after by the SEC; but if the SEC wins, it will have the upper hand and more litigation power over the whole crypto market.