BitBoy Crypto alleges former SEC Director took bribes to label ETH a commodity
Crypto influencer Ben Armstrong (Bitboy Crypto) has claimed that former SEC Commissioner William Hinman was bribed to declare Ethereum (ETH) as a commodity in a tweet on Oct. 9.
when do i have to say #ETH Gate I was in almost the same place where I fell @IOHK_Charles teeth. He makes many valid points in the thread.
But William Hinman certainly took 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) October 9, 2022
Armstrong has released a statement in response to Cardano (ADA) founder Charles Hoskinson’s thoughts on SEC employee corruption.
Hoskinson urges Ripple lawyers to argue against XRP being a security
Rather than implying that the SEC gave ETH a free pass for corruption, Hoskinson said Ripple’s lawyers argued that independent decentralized tokens like XRP should not be declared as secure. should.
An analysis of the corruption allegations seems to suggest that Ethereum should also be sued by the SEC, but the relationship was not the cause. But how do we solve the bigger problem of cryptocurrencies being squeezed into a framework that doesn’t make sense?(9/16)
— Charles Hoskinson (@IOHK_Charles) October 8, 2022
The Ripple community has suggested that former SEC director William Hinman was bribed by a company with a financial interest in ETH. This is why, according to them, the former directors declared in their 2018 speech that Bitcoin (BTC) and Ethereum are not securities.
Meanwhile, some within the XRP community disagreed with Hoskinson’s view, arguing that his explanation of the claim as a conspiracy theory derailed the incident.
XRP Pro-Lawyer John Deaton claim The allegations against Hinman are material and based on fact, not conspiracy.
BitBoy said he believed Hoskinson had a valid point. However, he declared:
“William Hinman certainly took bribes. That’s clear.”
SEC refused to release Hinman’s speech
The US SEC refused to release Hinman’s controversial 2018 speech, arguing that it had nothing to do with the case.
U.S. District Court Judge Annalize Torres recently ordered a commission to release a speech to Ripple — the second time a judge has ordered documents to be turned over to the SEC.
Ripple recently criticized the SEC for opposing Amicus briefs filed by two companies using its blockchain technology. According to the crypto firm, the filing was intended to help the court.
Hoskinson and Ripple co-founders call for regulation
Hoskinson further echoed his opinion. say it“The whole XRP incident shouldn’t have happened.”
i agree @IOHK_Charles As a bigger issue, the United States does not have clear regulations on how to classify and use cryptocurrencies. As such, the SEC uses mandatory regulation to bring all cryptocurrencies under its jurisdiction. This affects us all.
— Chris Larsen (@chrislarsensf) October 9, 2022
Ripple co-founder Chris Larsen agreed A more serious problem is the lack of regulatory clarity regarding the classification and use of crypto.
He further praised Hoskinson’s work in developing the code for Proof of Useful Work, an attempt to make Bitcoin carbon negative.
