The SEC's Hinman dangled deregulation to the crypto industry; digital asset innovators took the bait ... [+] and were caught. Hinman’s speech singled out Bitcoin and Ethereum’s native token ether, and said they are not securities, sending ether’s price through the roof. Innocent XRP holders lost $15 billion in value and entered the case as friends of the court against the agency. Hinman’s speech could have been a revolutionary turning point for American innovation, but it became an unmitigated disaster. Magistrate Judge Sarah Netburn may order the SEC to end its obstruction and provide the internal documents on Hinman’s speech.

Source: Forbes June 15, 2022 15:31 UTC