A prominent Ethereum adviser and advocate, Steven Nerayoff, recently reacted to the infamous Hinman speech of June 14, 2018. Nerayoff condemned William Hinman’s speech through a response to a social media post, stating that the date of the remarks shall live in infamy.
Notably, the infamous speech had been a major controversial topic in the lawsuit between the SEC and Ripple. It has earned a description as the “Ethereum free pass.”
Hinman Infamous Speech Will Live in Infamy, Has Hidden Motives
A recent post on the X social media platform from popular XRP community member @digitalassetbuy has stirred reactions within the crypto community. The XRP community member posted a document about a meeting at the SEC that brought in the highly debated Hinman Speech.
— Digital Asset Investor.XRP (@digitalassetbuy) September 25, 2023
The document revealed a meeting between some of SEC’s Corporation Finance staff and prominent crypto personalities on March 28, 2018.
In his description, @digitalassetbuy rated the meeting as the highlight through which Ethereum got its free pass speech. Notably, Hinman had categorized Ethereum and Bitcoin as non-securities in his speech on June 14, 2018.
In response to @digitalassetbuy’s post, Nerayoff stated that the date of the infamous speech should live in infamy and further mentioned there were hidden reasons behind Hinman’s remark. He believed the parties in the meeting had done more than meets the eye before the speech.
“Wait until you see what else happened this day to silence me & cover up their sin(s). They are hiding more than the motives behind the speech.”
Recall that in 2019, the Federal Bureau of Investigation (FBI) charged Nerayoff over alleged extortion. Later, in May 2023, the authorities withdrew the case against him.
Nerayoff made a shocking statement four months after the withdrawal of the case. The early Ethereum adviser alleged that he became the FBI’s key target due to certain information he had regarding Ethereum’s ICO.
Nerayoff said the plot against him involved other leading government regulatory bodies. These include the US Justice Department and the Securities and Exchange Commission (SEC).
Responses to FOIA Recent Request, Hints at Corrupt Practices in the SEC During Hinman Speech
Empower Oversight’s recent FOIA request has stirred some reactions within the crypto space. The firm revealed it demanded communications between former SEC Chair Jay Clayton and others concerning crypto through its newly submitted FOIA request.
An excerpt of the request stated:
“The request stems from Clayton’s statements regarding Bitcoin and other senior officials’ statements on Ether suggesting that they were not securities subject to SEC enforcement jurisdiction, only to have the SEC file suit as Clayton was leaving the agency against Ripple related to another cryptocurrency, XRP, alleging that it was a security.”
Some crypto enthusiasts’ responses highlighted possible corrupt practices within the SEC during the time of the Hinman Speech.
Pro-XRP attorney Bill Morgan stated that Empower Oversight’s announcement revealed a clear conclusion of the Clayton conflict. The lawyer noted that the former SEC chair disgraced his position in the agency.
Empower Oversight with the perfect summary of the Clayton conflict. He disgraced the SEC and his position as chairman. He benefitted from his conflictual conduct. https://t.co/wBbWzyPAp6 pic.twitter.com/BXX68oPczq
— bill morgan (@Belisarius2020) September 25, 2023
Also, XRP Attorney John Deaton said that Clayton remains the only commissioner who came across Hinman’s Speech draft before its reading. Deaton maintained that Hinman didn’t send his speech to SEC commissioner Hester Peirce, aka Crypto-Mom.