SEC officials gave input on a 2018 speech on Ether revealed in Hinman emails.
A series of emails were released by Ripple on Tuesday, which were tied to the 2018 speech by the former Director of Corporation Finance, William Hinman, saying that Ether did not look like a security. The emails include SEC officials deliberating about how clear the speech was in expressing that Ether was not a security. The emails show that some officials suggested tying the speech closer to the Howey Test, and that SEC officials met with Ethereum founder Vitalik Buterin, apparently to discuss the Ethereum Foundation’s role. The ongoing SEC lawsuit alleges that Ripple illegally sold XRP tokens as an unregistered security for over seven years. Ripple Chief Legal Officer Stu Alderoty tweeted that “Hinman ignored multiple warnings that his speech contained made-up analysis with no basis in law, was divorced from the Howey factors, exposed regulatory gaps, and would create not just confusion, but greater confusion in the market.”