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XRP Supporters Question Hinman’s Ethics – Crypto News

Published

2 years ago

April 4, 2024

Dripp

The ongoing legal fight between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) continues to generate questions among the cryptocurrency community with regard to the former SEC chief, William Hinman. Hinman’s impact on regulatory views regarding digital assets has drawn hot discussions, particularly within the XRP community.

Miles Jennings, General Crypto Counsel at a16z, lately championed Hinman’s role, praising what he did to clarify how cryptocurrencies could fit into existing securities laws. Nevertheless, this point of view was put forward, under criticism, from the side of XRP supporters, who accused Hinman of corruption and called for responsibility. This prompted renewed debates over Hinman’s legacy and contribution to the regulatory panorama.

Marc Fagel, a former SEC employee, noted that Hinman’s tenure is an extremely complex issue and that there may be ethical problems associated with it. However, Fagel focused on the credibility of the regulatory framework offered by Hinman, which brought additional attention to the XRP community. In addition, there have also been some worries about the likely conflicts of interest and the attunement of the market towards Ethereum and away from XRP, further deepening the controversy within the cryptocurrency space.

Ripple CTO Challenges Hinman’s Contributions Assessment

Continuing the argument, David Schwartz, the CTO of Ripple, questioned Marc Fagel’s evaluation of Hinman’s role, pointing out inconsistencies in Hinman’s correspondence. This statement by Schwartz indicates the necessity of reconsidering Hinman’s influence on the evolution of securities law. It emphasizes the continuous critical attitude to the regulatory measures in the crypto industry.

The controversy illustrates wider tensions in the cryptocurrency industry, where regulatory ambiguity coincides with commercial interests. The Ripple legal fight with the SEC is bringing about interesting developments in the world of cryptos, and the community is thus trying to understand and interpret the actions of the regulators and the officials and the ripple effects on the whole industry.

Jeremy Hogan Questions SEC’s Retail Investor Protection

Lately, a renowned legal expert, Jeremy Hogan, has condemned the initiatives of the SEC with respect to Ripple Labs, the focus being on the requirement of the regulator for a $2 billion fine. Hogan expressed outrage, claiming that such a fine might make Ripple sell a lot of XRP, which, in turn, will result in the suffering of the retail investors because of the prices of the XRP token.

Hogan questioned the SEC’s dedication to protecting retail shareholders, claiming that the intended re-distribution of the fine might favor institutional investors, mostly at the expense of individual investors. Such criticism by Hogan makes the XRP community ponder if they interpret SEC actions as protecting their interests or working against them.