In the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), attorney John Deaton, who represents over 75,000 XRP holders, has issued a firm call for action.
Deaton urges SEC Chairman Gary Gensler to release the much-anticipated Hinman Report within 10 days, emphasizing the critical public interest surrounding the findings.
Deaton’s Push for Transparency
Deaton’s demand comes in response to growing concerns over delays in releasing the report, which stems from a controversial 2018 speech by former SEC official William Hinman.
Gensler said that Hinman’s speech claiming that Ethereum (ETH) should not be considered a security has emerged as a major focus in the Ripple case. This has drawn criticism for the perceived compromising of interests within the SEC.
Empower Oversight, an independent watchdog group, had requested an investigation into these potential conflicts. The Office of the Inspector General (OIG) finished investigating the case and forwarded the report to SEC Chairman Gary Gensler. However, the report has not been made public, raising questions about the SEC’s intentions and transparency.
Also Read: Gensler Targets Crypto Industry as He Sets to Exit SEC
The Importance of the Hinman Report
The Hinman Report is critical evidence in Ripple’s legal battle with the SEC, as it could shed light on the regulatory framework applied to cryptocurrencies and the SEC’s rationale for giving Ethereum a regulatory pass. This is especially important because, as per the SEC, Ripple’s XRP falls under a security category.
Deaton has emphasized the importance of the report, pointing out that the document could explain how the SEC approaches digital assets. The discoveries might also shape whether XRP suits the federal structures’ security legislation.
A Call for Action
In the call to the SEC Chairman Gary Gensler, Deaton urged the report’s release, emphasizing that the public, specifically the XRP community, has a right to access this information.
That conclusive statement from Deaton to the SEC Chairman was simple and to the point, making progress in the case understandable and frustrating to investors.
Deaton also encouraged crypto community members to take collective action by contacting the SEC through calls or emails. His goal is to amplify the regulatory body’s demand for transparency and accountability.
Ripple Case at a Crossroads
The case of Ripple has emerged among the most relevant and high-profile cases in the cryptocurrency space. The delay in releasing the Hinman Report has added to the uncertainty surrounding XRP’s legal status.
The failure of the SEC to release the findings has fuelled doubts about bias or inconsistency in the commission’s approach to the regulation of cryptocurrencies.
As the 10-day deadline approaches, the crypto community closely monitors the SEC’s response. The Hinman Report release could be the key event in the Ripple case affecting the future regulation of digital assets
Conclusion
John Deaton’s efforts to push for the release of the Hinman Report underline the growing demand for transparency in the Ripple case. With over 75,000 XRP holders represented, the call for action reflects the widespread interest in understanding the SEC’s regulatory framework for cryptocurrencies.
As the deadline nears, the spotlight remains on the SEC’s next move, which could have far-reaching implications for Ripple and the broader crypto market.
Also Read: Here are the Latest Arguments in the Ripple vs SEC Lawsuit that Shook the XRP Community
