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Ripple's top legal executive, Stuart Alderoty, recently urged for an in-depth probe into the dubious circumstances surrounding the 2018 speech by ex-SEC officer William Hinman, now notoriously known as the "Ether Speech."
The demand for a fresh examination of the facts came in response to the public unveiling of the so-called 'Hinman Documents' on June 13. The shared information revealed a shocking discrepancy: Hinman went ahead with his speech disregarding concerns from several SEC divisions.
The speech, given three years ago, clarified Hinman's stance that Ethereum's cryptocurrency, Ether (ETH), does not qualify as a security due to its evolution towards significant decentralization. He explained the factors that needed to be met for such a determination.
Ripple's executive, Stuart Alderoty, pointed out, based on the recently disclosed files, that Hinman overlooked warnings from fellow SEC officials that his speech seemed to be filled with fabricated interpretations lacking legal grounding. This move resulted in a flurry of misinterpretations within the crypto industry regarding security classification.
According to Alderoty, law-making should not be left in the hands of unelected officials. He believes that the infamous 'Ether Speech' should no longer be considered seriously when determining whether a token qualifies as a security.
Ripple's CEO, Brad Garlinghouse, publicly echoed Alderoty's sentiments, expressing his disapproval of the regulator's decision to proceed with the speech despite significant opposition, labeling it "unconscionable."
The call for an investigation found support in John Deaton, the founder of CryptoLaw. The fact that Hinman himself referred to his address as the "Ether Speech" prompted speculation about the true intentions behind his words. Deaton, like Alderoty, hinted at possible connections between Hinman and the Enterprise Ethereum Alliance, a group promoting Ethereum blockchain technology.
Prior to his time at the SEC and afterward, Hinman was associated with the law firm Simpson Thacher & Bartlett LLC, a known member of the Ethereum Enterprise Alliance.
