27. February 2024

• Ethereum’s Shanghai Upgrade is completed, allowing ETH stakers to withdraw their staked Ether for the first time.
• CryptoLaw founder Attorney Deaton references former SEC Director Bill Hinman’s remark about not seeing a third-party promoter when observing Ethereum.
• Controversies arose regarding Hinman’s remarks during the All Market Summit of Yahoo Finance in 2018, where he declared that BTC and ETH were non-securities but did not comment on XRP.

Ethereum’s Shanghai Upgrade

The world’s second-largest crypto asset by market cap, Ethereum, is keeping pace with innovative upgrades. The newest development on Ethereum is the completion of its latest Shanghai Upgrade. On April 13, ConsenSys took to Twitter to celebrate the long-awaited launch of Ethereum’s Shanghai Upgrade. The update will permit ETH stakers to withdraw their staked Ether for the first time.

Deaton Responds

But while responding to the announcement, the founder of CryptoLaw, Attorney Deaton, referenced Hinman’s remark. According to the tweet from ConsenSys, Ethereum’s upgrade was on the execution and consensus layers of the network. Hence, users could finally withdraw their staked ETH from the Ethereum staking pool. In its announcement, ConsenSys promised a giveaway of Shanghai/Capella NFT to some of the ETH stakers as part of celebrating this evolution in Ethereum technology.

Hinman’s Remark

During an interview with CNBC in 2018, Former Director at SEC’s Division of Corporation Finance Bill Hinman stated that they don’t see any third-party promoter when observing Ethereum. Pro-XRP Attorney Deaton responded to ConsenSys’ announcement regarding this upgrade by referring back to Hinman’s remark implying that ConsenSys might be considered as a third-party promoter for Etheremuim technology growth and development .

Controversies Arise

At Yahoo Finance’s All Market Summit in 2018 , Hinamn stated that both Bitcoin and Ethereum were non securities but didn’t comment on XRP which then also was one among top 3 digital assets by market cap . This led to many controversies especially after thte SEC alleged Ripple Labs Inc selling unregistered securities .


The completion of Ethreum’s Shangai upgrade allows users who have participated in etherium stakeing pools to finally withdraw their funds . This has been a cause for celebration within consesys and beyond , with pro – XRP attorney deaton commenting on former director bill hinmans remark about ethereum lacking third party promoters . There have been many controversies surrounding hinmans remarks made back in 2018 at yahoo finances all markets summit where he did not comment on xrp specifically .