Pro-XRP attorney John Deaton has called out the U.S. Securities and Exchange Commission (SEC) for holding onto the long-awaited IG report on William Hinman’s speech on Ethereum for too long.
Deaton wants the SEC to make the report public to encourage transparency, especially since the SEC’s approach to regulating crypto remains under scrutiny.
In a recent post on X, Deaton demanded that the SEC make public the internal discussions revolving around Hinman’s statement that led to the investigations. He insists that the report will provide investors and the community with clarity on whether Ethereum was favored over other digital assets like XRP.
John Deaton pushes SEC to release the Hinman report
In 2018, William Hinman (a former SEC official) stated that Ethereum (ETH) was not a security. This comment greatly influenced how the SEC classified various cryptocurrencies as securities, and it also favored Ethereum over other assets, like XRP, which didn’t get the same public clarification.
Instead of the SEC providing clear guidelines for classifying crypto, it used Hinman’s statement as a basis to sue XRP’s parent company, Ripple, for trading XRP as an unlicensed security. The crypto community rallied behind XRP, accusing the SEC of playing favorites and subjecting other digital assets to stricter regulations.
John Deaton has been at the forefront of fighting for the release of the IG report following the lawsuit against XRP after Hinman’s speech. His complaints resulted from an investigation that revealed Hinman’s connections to the Ethereum Enterprise Alliance, which proves a conflict of interest in the SEC’s decision.
SEC faces growing pressure over crypto regulations
Deaton believes that the SEC’s failure to release the reports, despite repeated requests from the public, questions the agency’s integrity and impartiality in its selection process.
He even called out SEC officials Paul Atkins, Mark Uyeda, and Hester Peirce to push for releasing this report because they previously campaigned for transparency in the crypto space.
Deaton says that if the report confirms Hinman’s comments had something to do with the SEC’s lawsuit against XRP and its decision regarding other digital assets, the agency would have to re-examine and restructure its entire regulatory process.
The SEC still hasn’t released the IG report despite increasing public pressure, which only serves to attract more criticism from investors, lawmakers, and industry leaders.
Watchdog groups that monitor government agencies, businesses, and public institutions to ensure transparency, accountability, and ethical behavior have also found discrepancies in Hinman’s comments. Empower Oversight identified a possible breach of the federal law “18 USC 208” that prohibits government officials from participating in matters that interest them financially.
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