JPMorgan Backs Hinman Speech On Ethereum; Expert Says This Is Not The Case

XRP News: The crypto community finally got access to the infamous Hinman’s Ethereum Speech linked documents and emails in US SEC Vs Ripple Lawsuit last week. The release of crucial memos is expected to boost Ripple’s native crypto, XRP in the market, however, JPMorgan (JPM) doesn’t think so.

Also Read: Ripple Seek To File For Misconduct Post Hinman Docs Release?

JPMorgan To Bet On Ethereum?

According to reports, JPMorgan in a research report suggested that the US SEC executives admitted the fact that tokens on a sufficiently decentralized network cannot be landed under the “Security” category originates a regulatory gap.

It added that the speech delivered by then SEC Director Hinman noted that there is an other category. However, the official stated that Ethereum is not a security there is no controlling group but still, there may be a call for regulation to shield purchasers.

Nikolaos Panigirtzoglou, a JPMorgan analyst stated that these revelations could suggest that why the authority has not taken action against Ethereum while going after other crypto assets. The report added that the released documents could influence the direction of the current US congressional efforts in order to regulate the crypto industry. Read More XRP News Here…

Crypto expert, Mr. Huber mentioned that the JPMorgan report didn’t address the context given in the drafts and he is just repeating the speech itself. Meanwhile, the thing which is needed to be noted from the drafts is that the executive had no legal authority to make new rules. However, the analyst is noting how Hinman describes the switch from ETH to a commodity in the speech.

He added that ETH supporting people see that several people worked on Hinman’s speech and believes that this can prove the legitimacy of the speech.

Rug Pull Alert: List Of Altcoins Celsius Network Will Sell On July 1st

AD

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.