Ripple Holders’ Attorney Exposes Dealings By Hinman and Ethereum-Tied Company
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Deaton claimed that while he was still the Director of SEC’s Corporate Finance department, Hinman received over $9 million in profit sharing from Simpson Thacher, a partner of Enterprise Ethereum Alliance (EEA). Deaton shared documents backing his claims, which revealed how much Hinman received from profit sharing between 2017 and 2018. Interestingly, this was around the same period the former SEC Director made his controversial free pass speech on Ethereum.
Deaton noted that Hinman received $7.8 million in profit sharing in 2017 and an additional $1.8 in 2018. The attorney added that the kickbacks coming to Hinman caused the regulator’s Ethics Office to prevent him from meeting with Simpson Thacher until his tenure at the agency ended.
The Ethics department made the move to prevent the former top SEC official from running into a conflict of interest while remaining at the organization. This was because Simpson Thacher had known ties to the EEA, which was a known partner of Ethereum. Receiving payments from the company would therefore be seen as Hinman working for the firm.
However, information from Empower Oversight showed that Hinman occasionally met with staff of the Simpson Thatcher despite the warnings.
Key Ripple Levels to Watch — September 2
Ripple remains in a sideways pattern on Friday and shows little signs of a recovery attempt towards $0.3400. This comes as the broader market records a soft rebound, following reactions to the NFP and Unemployment data releases.
That said, a sustained recovery above the $0.3500 mark seems unlikely at the moment. At the same time, a fall below the $0.3200 mark remains significantly unlikely, given how bulls have defended that line since July. In that case, we’re likely to see a sideways continuation in the coming days.
Meanwhile, my resistance levels are $0.3400, $0.3500, and $0.3600, and my support levels are $0.3200, $0.3000, and $0.2800.
Total Market Capitalization: $992 billion
Ripple Market Capitalization: $16.2 billion
Ripple Dominance: 1.64%
Market Rank: #7
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