SEC Hinman Under Fire: Did He Lie Under Oath on Investment Contracts?

• John Deaton accuses the SEC of neglecting its primary mission in digital asset oversight.
• Deaton questioned ex SEC Director’s testimony under oath, suggesting potential dishonesty.
• Deaton calls for regulatory reforms to prevent conflicts of interest and maintain transparency.

In a recent tweet, a well-known pro-crypto lawyer, John Deaton, criticized the U.S. Securities and Exchange Commission (SEC). He argued that the agency has lost its focus on its mission and appears to disregard the law.

According to Deaton, the former Director of Corporation Finance at the SEC, Bill Hinman, testified under oath that the agency does not need to satisfy all aspects of the Howey test to establish an offer or sale as an investment contract. 

The @SECGov, like many federal agencies, has lost complete sight of its mission and purpose. It literally ignores the law. Digital assets and the Ripple XRP case are the perfect examples.

Bill Hinman testified UNDER OATH that the SEC does not have to satisfy all Howey factors to… https://t.co/8sEDNiuaOy

— John E Deaton (@JohnEDeaton1) August 28, 2023

Meanwhile, Deaton raised concerns about the statement. He suggested that it l…

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