DOGE lover Elon Musk shows his support for the altcoin project by appearing next to a founder this time sued with the SEC.
DOGE backer involved in Ripple and SEC lawsuit today
Earlier today, Elon Musk left a comment on Ripple CEO Brad Garlinghouse’s harsh statements to the SEC. Garlinghouse’s comments include criticism that former SEC chairman William Hinman said in 2018 about Ethereum was concealed by the SEC. Ripple CEO stated quite harshly on Twitter today that “the SEC cannot be trusted”. He said we would be stunned by the SEC’s shamelessness when all the facts in the case come out.
Tesla CEO left a sarcastic comment under this tweet as “not possible”. Elon Musk responded as if convinced by what Garlinghouse said.
No way
— Elon Musk (@elonmusk) October 21, 2022
Why is what former SEC chairman William Hinman said in 2018 so important?
Former SEC chairman William Hinman said in an official correspondence with a third party in 2018 that ETH is not a security. During this period, the SEC viewed Ethereum as a cryptocurrency, unlike current president Gary Gensler.
At the time, the SEC stated that this was a subjective rather than an official opinion. However, if the existence of the official letter is confirmed and Ripple’s claims are supported, it will be revealed that Hinman lied to the court. XRP advocates claim that a lawsuit against Ripple helped Ethereum surpass XRP as the number two cryptocurrency in the world.
Hinman was the first SEC official to say that Ethereum, in his opinion, is not a security. Speaking at an event in 2018, Hinman said it “may not represent an investment contract” as there is no central figure or group responsible for ETH.
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