In a groundbreaking disclosure, watchdog group Empower Oversight has released a fresh batch of documents obtained through a Freedom of Information Act (FOIA) request, unearthing a deeper involvement of Ethereum co-founder Joseph Lubin and his company, Consensys, in the controversial cryptocurrency speech delivered by former SEC Director of Corporation Finance, William Hinman, on June 14, 2018. This revelation has triggered outrage within the XRP community, a vocal group that has been closely following the SEC’s actions.

The documents, made public on August 3, 2023, reveal that Lubin and Consensys played a more central role than previously known in shaping Hinman’s thinking and objectives with his now-controversial crypto speech. The speech has become a contentious issue in the ongoing Ripple case, as the SEC later claimed that several cryptocurrencies, including XRP, were unregistered securities.

According to the released documents, Lubin appears to have been instrumental in bringing together Hinman and Ethereum creator Vitalik Buterin during the speech drafting process. Additionally, investors and attorneys closely associated with Ethereum were notably prominent in a March 28, 2018, meeting on a crypto safe harbor proposal.

The disclosed documents further shed light on a meeting between Hinman and Chris Lin, a partner at Simpson Thacher. This meeting raised concerns about conflicts of interest, as the SEC Ethics Office had previously warned Hinman about potential issues due to his receipt of significant payments from Simpson Thacher while holding his position at the SEC.

Empower Oversight has been at the forefront of advocating for SEC transparency, actively pursuing FOIA requests and filing lawsuits to compel the SEC to release documents related to its decision-making processes concerning cryptocurrencies.

The XRP community, known as the “XRP army,” has responded passionately to the release of these documents, expressing frustration with the SEC’s handling of the situation. Fred Rispoli, a lawyer at HODLaw, praised Empower Oversight’s efforts, suggesting that the SEC never anticipated these documents coming to light.

Digital Asset Investor.XRP questioned the apparent double standards observed in Hinman’s interactions. The community member asked, “Why was Bill Hinman accommodating Joseph Lubin and Vitalik Buterin while simultaneously giving Brad Garlinghouse a hard time, with the help of Jay Clayton, and even returning to the SEC after leaving to ensure the Ripple lawsuit’s progression?”

Renowned XRP community member @Leerzeit took it a step further, accusing the SEC of misconduct. The community member asserted, “The SEC is a criminal organization. There is just no way around it.”

Crypto Law founder and attorney John Deaton pointed out the contradiction in Hinman’s deposition during the Ripple lawsuit, where he claimed he had not communicated with anyone outside the SEC about the content of his speech. The released documents showed that Hinman met with Vitalik Buterin a week before his speech on cryptocurrencies.

These revelations are bound to fuel the ongoing debate surrounding the SEC’s approach to cryptocurrencies and its enforcement decisions. As the demand for transparency intensifies, the XRP community remains steadfast in holding the SEC accountable for its actions.

As of press time, the XRP price was recorded at $0.6577, managing to hold just above the 200 EMA in the 4-hour chart.