John Deaton, the legal representative for XRP holders in the ongoing legal battle between Ripple Labs Inc. and the U.S. Securities and Exchange Commission (SEC), has recently called out Bill Hinman, the former Director of the Division of Corporation Finance at the SEC. Deaton’s criticism stems from his belief that Hinman has been gaslighting the XRP ruling, which states that the retail trading of the coin on secondary platforms should not be considered a security.
Reacting to comments made by Hinman during the Ondo Summit, Deaton took a trip down memory lane to highlight what he sees as preferential treatment given to Ethereum by the SEC official. Deaton pointed out that Hinman has close ties to entities associated with Ethereum and highlighted a speech given by Hinman in 2018 that categorised Ethereum as a non-security, a move that benefited mining companies like Canaan.
In a tweet, Deaton requested to be placed on a panel with Hinman to discuss the alleged bias shown towards Ethereum and the discrepancies in the treatment of different cryptocurrencies. Despite Ondo Finance’s use of the XRP Ledger for tokenization, community members have raised concerns about Hinman’s apparent disregard for XRP during the summit.
Despite these challenges, XRP continues to thrive in the digital currency market. Currently ranked as the fourth largest digital currency, XRP has seen a growth of 366% over the past year. There are discussions about potentially adding XRP to the national digital asset stockpile that the United States government is developing. Additionally, the introduction of the RLUSD stablecoin could provide a new avenue for growth and liquidity within the XRP ecosystem.
In conclusion, XRP remains a cryptocurrency to watch in the market. If the Ripple case is dismissed, especially now that the U.S. SEC is looking to close non-fraud crypto lawsuits, XRP may experience significant growth and potential for success in the coming year. Stay tuned for more updates on XRP’s journey in the digital asset space.