Empower Oversight has released new emails showing the role played by Ethereum co-founder Joseph Lubin while drafting Hinman’s speech.
XRP enthusiasts have been reacting to the latest release of SEC emails by watchdog group Empower Oversight.
Empower Oversight Releases New SEC Emails
In a tweet yesterday, Empower Oversight disclosed that the SEC has turned over 324 new pages of documents in response to its crypto conflicts FOIA requests.
?1. The @SECgov has now turned over 324 pages of new documents in response to our crypto conflicts FOIA requests. https://t.co/Axzz0cFyJF
— Empower Oversight (@EMPOWR_us) August 3, 2023
Notably, the SEC’s latest batch of documents comes after Empower Oversight filed a lawsuit against the regulatory agency in May.
Hinman’s Speech Saga
The recently-released docs show that Ethereum co-founder Joseph Lubin played a more central role during former SEC director William Hinman’s controversial speech about crypto.
Recall that Hinman gave the speech on June 14, 2018, declaring ETH and Bitcoin as non-securities. Several details have emerged regarding the speech following the release of Hinman docs, and internal deliberations at the SEC leading to the drafting of the speech.
The docs released by Ripple showed that Hinman ignored the warnings of top SEC officials regarding the speech. They also revealed that Hinman initially named the remark “The Hinman Speech.”
Furthermore, the former SEC director also met with Ethereum co-founder Vitalik Buterin a week before he gave the remark.
Many speculated that Buterin may have convinced Hinman to declare ETH a non-security, but no one seemed to know how their relationship started.
Lubin’s Role in Hinman’s Controversial Speech
According to Empower Oversight, Lubin was instrumental in connecting Buterin with Hinman while the June 14 speech was drafted.
4. Lubin also apparently brought Hinman and Ethereum creator Vitalik Buterin together as the speech was drafted.https://t.co/e1l1q4posg
— Empower Oversight (@EMPOWR_us) August 3, 2023
Interestingly, the emails released by Empower Oversight show that Lubin initiated contact with the SEC. In one of the emails dated November 27, 2017, Lubin reached out to Barnett Gary, the then deputy director of SEC’s Trading and Markets, for a meeting with the regulatory agency.
Gary later introduced Lubin to Hinman, who seemed excited to meet with the Ethereum co-founder.
“Happy to participate in a meeting on this topic,” Hinman said in response to Gary’s previous email.
XRP Enthusiasts React
Meanwhile, the development has stirred reactions among XRP enthusiasts. In a tweet yesterday, Crypto-Law.US noted that the recently-released emails highlight how Lubin drove Hinman’s thinking into naming his speech “The Ether Speech.”
JUST ADDED to our Document Library:
✅The Hinman-Lubin Emails, detailing how @ethereumJoseph and @Consensys initiated contact with Hinman & his staff, and drove Hinman's thinking on what he would later call "the Ether speech" ?https://t.co/DJRcWUZb41— CryptoLaw (@CryptoLawUS) August 3, 2023
In response, Attorney John Deaton, Crypto-Law.US founder, recounted how Hinman lied under oath during his deposition in the Ripple lawsuit. Recall that Hinman said he never communicated with anyone outside the SEC about the content of the June 14 speech. However, the Hinman doc showed that he met with Buterin a week before his speech on cryptocurrencies.
Kind of places this in more context doesn’t it.https://t.co/ydHaLTZfYv
— John E Deaton (@JohnEDeaton1) August 3, 2023
Furthermore, popular XRP influencer and YouTuber Digital Asset Investor also reacted to the recently-released SEC emails.
Digital Asset Investor recalled how Hinman claimed the SEC did not see a third-party promoter with Ethereum. Reacting, the XRP influencer described Lubin as the third-party promoter who tried to set up a meeting with the SEC.
Bill Hinman said they didn't see a third party promoter with Ethereum. The third party promoter literally sent an email to try and get the meeting with the SEC. https://t.co/qm9qzQ1qsi
— Digital Asset Investor.XRP (@digitalassetbuy) August 3, 2023
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