The recent developments in the long running lawsuit between the U.S. SEC and Ripple have grabbed every crypto expert’s eyeballs. Charles Hoskinson, Cardano founder cleared his position over the crucial lawsuit.
ADA found brings up XRP lawsuit
However, people related to the lawsuit have hinted that Hoskinson has attacked Ripple and XRP in his statement. Cardano founder believes that most of the Layer-1 protocols aren’t securities because of their utility and passing the Howey Test.
He mentioned that the real issue exists in the lack of regulatory frameworks led by the authorities. Hoskinson added that it is unnecessary to construct personal attacks on former and current authority. At the same time, individual corruption has nothing to do with Howie.
To this John Deaton, Amicus Curiae in the XRP lawsuit stated that this is a symptom of the disease that has infected the nation’s democracy. The revolving door at the US SEC and other agencies has been a big issue from time to time.
However, XRP lawyer targeted the SEC ex director Bill Hinman over the matter of insider dealing among the high ranking officials. He suggested the ADA founder to read emails between Hinman and his partner Josh Bonnie. How both of them are joking about the criminal bar that prevents ex director from meeting with the members of his firm.
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Hinman violated conflicts bar
XRP lawyer highlighted Hinman later violated the financial conflicts bar and meets up with his partner Attorney Lin from the China office. This becomes more interesting when Hinman agrees to meet Lin was the same day when the letter from the Division of Corporation Finance about his law firm’s client Canaan goes out.
Deaton alleged that Canaan’s IPO got approval by the Hinman’s division for which he received profits and money from the law firm representing Canaan. Meanwhile, Canaan sells Bitcoin and Ethereum mining hardware. While Hinman’s speech provides clarity to Bitcoin and Ethereum.
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