After years of investigation and debate, the U.S. Securities and Exchange Commission (SEC) has concluded that former Director of Corporation Finance Bill Hinman is not guilty of any wrongdoing. The SEC’s official report released on April 10th clears Hinman in a long-standing ethics probe, but questions remain about his past connections to Ethereum and the implications for crypto regulation. 2018 marked a turning point when Hinman made a now controversial speech stating that Ethereum is not a security. This decision sparked criticism from crypto advocacy groups like Empower Oversight who accused Hinman of bias. Empower alleged a link between his comments and his ties to his former law firm, Simpson Thacher & Bartlett (STB), involved in the Enterprise Ethereum Alliance. 2021 saw Empower file for access to Hinman’s communication records with STB. The investigation concluded that Hinman did not violate any ethics rules. However, critics remain unconvinced. Jason Foster of Empower contends that the report fails to address crucial questions about potential conflicts of interest. Foster also highlights the SEC’s inconsistent application of regulations regarding cryptocurrencies, citing the contrasting treatment of Ethereum versus Ripple’s XRP. The SEC maintains that Hinman followed existing ethical guidelines and did not personally profit from the rise in Ethereum value. However, Ripple remains critical of the SEC’s approach and continues to advocate for clearer regulatory frameworks. The XRP community, particularly strong advocates of fair crypto regulations, argue against the alleged selective enforcement by the SEC. This controversy has sparked heated debates within the crypto community. Even Charles Hoskinson, founder of Cardano, found himself embroiled in a public clash with some members of the XRP community regarding the handling of this matter.