Greetings comrades,
Let’s get to know what’s happening in the courtroom. Still on the SEC and crypto saga. We all know how the SEC has been on top of the neck of crypto and some crypto individuals over the past few months. This has really shaken the crypto space. We have heard both sides and have been trying to analyze and draw conclusions. This brings us to today's update on the SEC and XRP court case. There was some interesting and shocking news that popped up during the court case. There was a shocking revelation from which I would like to share with you. On June 13, 2023. Hinman made a speech and this speech he made is over the place.
The Hinman speech is now public. There was an email sent some time ago which was in connection with Hinman and now leaked. Bill Hinman, a former SEC Director, was in position during the year 2018. There were documents that contained emails from him. These documents are where the shocking news is coming from. Let’s see what is hidden in them that is of very high value and interest to the court and general public. These emails are a bunch of communications between Hinman and the SEC. These communications were internal. They were communications within the SEC.
The interesting thing about these emails are the contents of it. These comments or speeches have somehow brought about questions and certain doubts in the suit of the SEC. From the speech between Hinman and the SEC, they did not know how to classify crypto assets under securities or not. Also, Hinman said a token should not be classified under a security as far as it is decentralized. Meaning a crypto token can start as a security but once it becomes fully decentralized, it is no longer a security. From this statement we can draw a conclusion that the SEC does not know what they are about. This is conflicting with what they brought to the court.
We all know that; these crypto coins have some form of decentralization within its operations. They have been after some crypto assets with the claims that they are securities. This is totally different from the allegations and charges. From what they are currently claiming to be the fact that XRP is a security and does not comply with their regulations even though they have a certain level of decentralization. Talking of the likes of XRP, Cardano, algo, polygon matic and many others that they even made mention of recently during a court section.
This has been the talk of the week in the crypto space. Looking thoroughly into this case, there is clear evidence of self-interest and gain on the part of the SEC. They are just doing this to bring down the space so they will be the main focus as usual. There won’t be any self-dependent, self control in the financial sector. In that way, the traditional way of transaction will be the norm. Those who are into crypto trading and are self employed or I would even refer to them as entrepreneurs jobless. Only God knows the damage that might have been caused by now to most of us the crypto traders.
This case is one of the biggest court cases currently and this information coming out at this stage is a blessing in disguise. This court case could very much impact the future of crypto currencies and the crypto market. It could put certain regulations on how the crypto assets should be operated. The Attorney, Steven Auray made a statement during the court section of which he clearly stated that it was for his own personal use.
After these statements which he claims were personal, the SEC jumped on it and used it as a guidance. Then later said they do not understand this guideline and how it actually works. How can that be? How can you use something as a guideline and now say you don’t know how these guidelines can be of benefit to you. To the extent that you choose not to use it again is an act of a confused bunch of individuals.
This becomes problematic to everyone because they do not even know what they are talking about. They have no idea how to classify digital assets as security or non-security. To me, it looks like the SEC has no idea of what they are doing because the rules and regulatory actions were set a long time ago even before crypto assets were created. So how do they classify them under security laws? Something that the Law was created before it was created.
Hinman also claimed Ethereum is not a security on June 4. This is also another statement to look very well into. Ethereum is a blockchain technology with an open source for other developers to create new projects on. There are numerous projects on Ethereum as at the moment. So why aren’t Ethereum also classified as security? I believe they are just doing this out of personal gain because if Ethereum is not a security then why would you regard Solana as security, algo as one, xrp as well and the rest? There is something fishy here and must be looked into.
Some of these digital assets have very nice use cases and could solve problems in society. They have the basic usage terms that could be of very tangible interest to the general public. This will cause decentralization to be on the increase. There will be more entrepreneurs in the crypto space, more exchanges. More self-employed individuals as I said earlier. More goodies coming to the crypto space soon, lets keep our fingers crossed🤞.
