SNEAK PEEK
- Former SEC director’s deposition reveals shocking misconduct.
- SEC’s questionable behavior rattles the cryptocurrency market.
- Withheld documents expose the SEC’s lack of transparency.
Former SEC director William Hinman’s deposition from July 27, 2021, has recently come to light, exposing a web of deceit and questionable behavior surrounding the SEC’s handling of cryptocurrencies. The deposition, released following Judge Torres’ order on September 29, 2022, has sent shockwaves through the cryptocurrency market, leaving investors and enthusiasts questioning the SEC’s commitment to transparency and fairness.
HINMAN WAS ASKED:
“Did you have communications with anyone other than SEC staff about the substance of your remarks in the June 14, 2018 speech before you gave it?”
READ HIS ANSWER: pic.twitter.com/MRQfZnXieT
— John E Deaton (@JohnEDeaton1) June 16, 2023
Hinman faced a critical question during the deposition: “Did you have communications with anyone other than SEC staff about the substance of your remarks in the June 14, 2018, speech before you gave it?” His answer was a terse denial, claiming no such communications had occurred.
However, recent developments have cast doubt on Hinman’s testimony. Thanks to the tireless efforts of John E. Deaton and the revelation of redacted documents, it has become clear that the SEC withheld crucial information from the public. These documents, ordered to be produced by Judge Torres, shed light on the extent of Hinman’s discussions regarding the Ethereum network with key figures such as @VitalikButerin, the creator of Ethereum, and the @ethereum foundation.
What’s even more shocking is the timing of these revelations. In a blatant disregard for transparency, the SEC lawyer instructed Hinman not to answer certain questions during the deposition, citing privileges that the judge later denied. This raises serious concerns about the SEC’s true intentions and its commitment to disclosure.
Brad Garlinghouse, CEO of Ripple, boldly stated, “The SEC wants you to think that it cares about disclosure, transparency, and clarity. Don’t believe them.” These words now echo louder than ever before as the truth behind the SEC’s behavior begins to surface. The implications of this revelation are profound, leaving investors wondering about the SEC’s ability to provide a level playing field for the cryptocurrency market.
The SEC wants you to think that it cares about disclosure, transparency and clarity. Don’t believe them. When the truth eventually comes out, the shamefulness of their behavior here will shock you. https://t.co/rqEzDXEx1A
— Brad Garlinghouse (@bgarlinghouse) October 20, 2022
As the dust settles, one thing is certain: the cryptocurrency market is in turmoil. Confidence in the SEC’s ability to regulate fairly has been severely shaken, and questions about the agency’s underlying motives loom large. The stage is set for a battle between those seeking clarity and transparency and an SEC whose actions raise serious doubts about its credibility. Only time will tell how this shocking revelation will impact the future of cryptocurrencies and the regulatory landscape that governs them.