According to lawyer John E. Deaton, former SEC officials Bill Hinman and Jay Clayton should have classified XRP as a non-security in the first year of the SEC's lawsuit against Ripple Labs, but the SEC has intentionally denied this for years. Deaton believes that Hinman needs to testify in court, but there is no opportunity to legally summon former SEC Chairman Jay Clayton to participate in the trial. He said that the SEC's assistance and instigation charges against Garlinghouse were a mistake, especially considering that Clayton wanted to sue executives personally in a "non-fraudulent" situation. Deaton added that Clayton is actually an important witness and should testify in court. After Hinman's speech, Clayton met with Ripple's CEO and CTO. However, neither Clayton nor Hinman explicitly stated that XRP was classified as a security. Deaton believes that the clarification from both individuals would undoubtedly save litigation costs.
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Lawyer Urges Former SEC Officials Bill Hinman and Jay Clayton to Testify in SEC v. Ripple Case
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