DOGE lover Elon Musk shows his reliance on the altcoin project by appearing next to a founder, this time suing 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 statements include criticism that former SEC leader William Hinman said in 2018 about Ethereum was concealed by the SEC. Ripple CEO, on Twitter today, quite harshly stated 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 gave an answer as if convinced by what Garlinghouse said.
Why is what former SEC leader William Hinman said in 2018 so valuable?
Former SEC leader William Hinman said in an official correspondence with a third party in 2018 that ETH is not a security. At this time, the SEC viewed Ethereum as a cryptocurrency, unlike today’s leader Gary Gensler.
At the time, the SEC stated that this was a subjective opinion rather than an official one. However, if the existence of the official letter is confirmed and Ripple’s arguments are supported, it will be revealed that Hinman was bragging in the court. XRP advocates argue that a lawsuit against Ripple has helped Ethereum surpass XRP as the number two cryptocurrency in the world.
Hinman was the first SEC official to say that, in his view, Ethereum is not a security. Speaking at an event in 2018, Hinman said it “may not represent an investment agreement” as there is no central figure or cluster responsible for ETH.