News

A funny story: SEC can’t confirm Bill Hinman in the video alleges to be Bill Hinman

The U.S. Securities and Exchange Commission (SEC) is unable to confirm or deny whether a video ostensibly featuring Bill Hinman actually features Bill Hinman. “After reasonable inquiry, the information known and currently available is not sufficient to enable the Commission to admit or deny this request,” the SEC stated in court documents.

Bill Hinman, also known as William Hinman, is a former SEC Division of Corporation Finance director who has become a key player in the long-running legal dispute between the SEC and Ripple Labs over alleged unregistered securities offerings via XRP tokens.

Bill Hinman – Former Director of the Securities and Exchange Commission’s Division of Corporation Finance

Bill Hinman stated at the 2018 Fintech Week Conference, while still serving at the SEC, that the sale of Ethereum (ETH) did not constitute “securities transactions.” However, it appears that the SEC is delaying admitting the obvious in order to slow down the case.

The SEC has “failed to respond in accordance with the applicable rules as to 53 RFAs on important subjects where there is no real dispute,” according to a May 18 motion to compel Requests for Admission (RFAs) filed by Ripple Labs’ legal team, Debevoise & Plimpton.

Ethereum did not constitute “securities transactions,” according to Hilman

Ripple is asking the court to order either the admission of the RFAs or the SEC to provide amended responses. The SEC has not been able to confirm a series of instances that appear to be undeniable in relation to RFAs focused on Hilman.

Despite the fact that Hinman was completely visible and audible during a recorded interview at a public event, the SEC has refused to confirm or deny whether the recording is authentic or whether the statements made by Hinman were actually made by him. This could be an example of the above statement.

Notably, the YouTube video cited by Ripple’s legal team appears to have been uploaded by the interviewer, Georgetown law professor Chris Brummer. The account, created in 2016, bears his name, has a profile picture, and links to all of his professionally affiliated websites.

Despite this, the SEC claims to be all at sea as to the identity of the mystery man.

“Subject to all of the foregoing objections, and after reasonable inquiry, the information known and currently available is not sufficient to enable the Commission to admit or deny this request.”

The SEC has also denied a request that it cannot challenge the video’s authenticity and appears to be unwilling to provide any information on the subject.

After having a request to shield documents relating to Bill Hinman denied, it filed a letter motion late last month claiming attorney-client privilege over internal details about Hinman’s 2018 speech.

Many observers believe Hinman’s comments could be one of the deciding factors in the SEC’s argument that the XRP token should be classified as a security. It has also recently been suggested that Hinman may have had a conflict of interest while working for the SEC, which could influence the outcome of the case.

On May 11, the corruption watchdog Empower Oversight claimed to have obtained documents obtained through a Freedom of Information request that revealed Hinman had an undisclosed “direct financial interest” with the law firm Simpson Thacher & Bartlett, which is a member of the Enterprise Ethereum Alliance (EEA).

Commentators like John Deaton, founder of the legal news site Crypto Law, told his 198,000 Twitter followers that “if Hinman didn’t submit the speech to conflicts screening, it’s game set and match.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Gate.io Shatters Records in Total Trading Volume in Q3 2024, with Its User Base Surpassing 17 Million

In the third quarter of 2024, despite a challenging market environment, Gate.io maintained strong growth…

1 hour ago

MEXC Champions the Future of Crypto Content Creation at CCCC

MEXC is proud to partner with the inaugural Crypto Content Creator Campus CCCC event, taking…

1 hour ago

Dtec Announces Global Partnership with DİZAYNVIP to Elevate AI-Driven Mobility Design  

Dtec and DİZAYNVIP partner to merge AI technology with luxury vehicle design, revolutionizing smart mobility…

2 hours ago

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

6 hours ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

9 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

11 hours ago

This website uses cookies.