The attorney provided more insight into why he believes the SEC is witch-hunting Ripple because of Ethereum (ETH).
Attorney John Deaton has alleged that it was no coincidence that the Securities and Exchange Commission (SEC) noted that Ripple (XRP) first appeared on its watch list on March 29, 2018.
Attorney Deaton Makes Shocking Revelation
According to attorney Deaton, who is seeking approval to represent 67,300 XRP holders in the ongoing lawsuit between the SEC and Ripple, the date the agency claimed XRP appeared on its watch list is significant given the events that occurred within the period.
He noted that on March 26, 2018, Perkins Coie and Safe Harbor sent a 49-page memo to the Securities and Exchange Commission seeking that some digital currencies, especially Ethereum (ETH), be excluded from U.S. securities laws.
Two days after the memo was sent, William Hinman, the former director of the SEC’s Division of Corporation Finance, had a meeting with Perkins Coie, a member of Enterprise Ethereum Alliance (EEA), an organization responsible for marketing Ethereum as an enterprise solution.
While details of the meeting were not made public, attorney Deaton believes the meeting was one of the key moments that resulted in the June 18. 2018 Ethereum free pass speech made by Hinman.
Attorney Deaton added that a day after Hinman met with Perkins Coie, the Securities and Exchange commission went ahead and put XRP on its watch list as one of the cryptocurrencies that breached U.S. securities laws.
March 26, 2018 is the date of the Perkins Coie Memo and Safe Harbor, which ONLY mentions #ETH. On March 28, 2018 Hinman met w/ the Perkins Coie (an EEA member) working group asking for the free pass.
THE NEXT DAY AFTER THE MEETING #XRP is on the Watch List?
Coincidence my ass
— John E Deaton (@JohnEDeaton1) June 1, 2022
ETH v. XRP Contest
It is worth noting that Ripple and Ethereum were involved in a neck-to-neck battle over which cryptocurrency would ultimately become the second-largest digital currency by market capitalization at the time.
Both digital assets had overtaken one another on numerous occasions, thus giving many the impression that the lawsuit filed against Ripple was just a plot to see ETH become the second-largest crypto.
Attorney Makes Strong Allegation
Attorney Deaton further alleged that a deal was struck between former SEC chair Jay Clayton and current chairman Gary Gensler to ultimately make Ripple a sacrificial lamb.
“A year ago I said it appeared a deal was struck. Clayton met w/ @GaryGensler several times before leaving the SEC, including THE DAY BEFORE THE LAWSUIT WAS FILED. I said @Ripple & #XRP were offered up as regulatory sacrificial lamb. #ETH gets a pass and insiders win billions,” attorney Deaton tweeted.
Hinman’s Conflict of Interest
Meanwhile, this is not the first time Hinman has been accused of having a conflict of interest during his time in office.
According to documents released by whistleblower Empower Oversight, despite being the director of SEC’s Corporation of Finance, Hinman was still having meetings with his former company Simson Thacher & Barllet, a member of the EEA.
A year ago I said it appeared a deal was struck. Clayton met w/ @GaryGensler severed times before leaving the SEC, including THE DAY BEFORE THE LAWSUIT WAS FILED. I said @Ripple & #XRP were offered up as the regulatory sacrificial lamb. #ETH gets a pass and insiders win billions. https://t.co/NvZgr3ygUQ
— John E Deaton (@JohnEDeaton1) June 1, 2022
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Source: https://thecryptobasic.com/2022/06/02/attorney-john-deaton-says-ripple-xrp-appearing-on-the-secs-watch-list-in-2018-was-not-a-coincidence/?utm_source=rss&utm_medium=rss&utm_campaign=attorney-john-deaton-says-ripple-xrp-appearing-on-the-secs-watch-list-in-2018-was-not-a-coincidence