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It’s a tale as old as time. After the historic 2024 Presidential election, Anti-Trump traitors are now pretending to be Trump loyalists in an effort to wiggle their way back into the Trump administration. President Trump’s second administration has been characterized by his commitment to focus on manufacturing and innovation, as well as a pledge to make the United States the cryptocurrency capital of the world. In return, the crypto community, which rallied around President Trump’s campaign to fundraise, has been rewarded by the Trump administration with the creation of a Trump administration crypto advisory board. Since winning the Presidential election, President Trump appointed investor David Sacks as the White House Crypto and AI Czar, he signed an executive order calling for the creation of a national digital asset stockpile, and he even launched his own multi-billion dollar meme coin, giving enormous amounts of legitimacy to the crypto community that faced a “crypto winter” during the years of the Biden regime, which was plagued by attacks on the crypto industry and crypto innovators.
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership. It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy,” the executive order signed by President Trump reads.
President Trump’s pledge to support crypto has attracted a slew of nefarious characters looking for a seat at the table, and as it relates to cryptocurrency regulation, William Hinman, the former Director of the Securities and Exchange Commission’s (SEC) Division of Corporation Finance is one those individuals.
In June of 2018, Hinman gave a speech at the Yahoo Finance All Markets Summit in which he declared that Bitcoin and Ethereum, given their decentralized nature, were not securities. Many crypto innovators blame Hinman and his comments as being the catalyst for a “crypto winter”, which led many American crypto innovators to move their projects overseas. Hinman’s speech was perceived by many as an informal regulatory nod in the way he suggested that certain cryptocurrencies could escape the oversight of securities law. Hinman’s speech inadvertently set the stage for what many in the crypto industry would call “regulation by enforcement.”
The Ripple Effect on Crypto Winter
The crypto winter, characterized by plummeting prices, a drop in investment, and a general chill in market sentiment, was partly exacerbated by this lack of clarity. Companies like Ripple found themselves in prolonged legal battles with the SEC over whether their digital assets were securities, battles that drained resources and shifted focus from innovation to litigation.
The ambiguity left by Hinman’s speech contributed to an environment where investors and developers were wary of the U.S. market, fearing unpredictable enforcement actions. This fear was not unfounded, as the SEC’s actions against Ripple and others were seen as retroactive, punishing companies for practices that were not clearly defined as violations at the time they occurred.
Political Opportunism and Subversion: Hinman’s ‘Crypto Ball’ Appearance
During inauguration weekend, many attendees of the inaugural Crypto Ball, a black tie event spearheaded by David Sacks on January 17th, 2025 at the Andrew W. Mellon Auditorium, reported seeing Hinman in attendance, where he was allegedly trying to find a connection to get back into the Trump administration. Hinman’s critics argue that his attendance at the Crypto Ball was an attempt to rewrite history in his effort to position himself as a crypto currency visionary, as opposed to acknowledging his role in the regulatory chaos that led to the crypto winter. Hinman worked at the U.S. Securities and Exchange Commission from May 2017 till the end of 2020 during the first Trump administration. Hinman’s lack of loyalty to President Trump, as well as his opportunistic political nature is seen in the way he had the audacity to make political campaign contributions to Joe Biden’s Presidential campaign while he was still working in the Trump administration. FEC records reveal that while Hinman was employed at the SEC during the Trump administration, he made nine contributions to the Democrat Party via their fundraising platform ACT Blue.
Additional FEC records reveal that Hinman made thousands of dollars of political donations to Biden for President and Biden Victory Fund in 2020 while he was still employed at the SEC under the Trump administration. Hinman’s political giving history reveals he had no problem undermining President Trump’s re-election while reaping the benefits of working in his administration.
Not only did Hinman oppose President Trump while working for the SEC in 2020 by supporting Biden’s campaign, but he also supported President Trump’s Democrat opponent in 2016, Hillary Clinton, with thousands of dollars of maximum limit political donations to both Clinton’s campaign, and her PAC, Hillary Victory Fund.
According to a press release that was published on the SEC website on October 27th, 2020, “Prior to joining the SEC in May 2017, Mr. Hinman was a senior partner in the Silicon Valley office of Simpson Thacher & Bartlett LLP where he was a recognized leader in advising public and private companies in corporate finance matters. Prior to joining Simpson Thacher, Mr. Hinman was the managing partner of Shearman & Sterling’s San Francisco and Menlo Park offices.”
Following a review of Hinman’s FEC records, it begs the question, why is a regulator who sowed confusion and doubt in the crypto industry as a disgruntled former SEC employee who financially supported his boss’s political opposition, now trying to subvert the second Trump administration? And furthermore, which Trump associates or administration officials are assisting Hinman with his subversion? All indicators point toward Silicon Valley Big Tech billionaires who are now advising President Trump’s administration on issues pertaining to technology, crypto and Artificial Intelligence (AI).
Ethics Violations and the OIG Report
Hinman’s tenure at the SEC has been mired in controversy over potential conflicts of interest. Before and after his SEC service, Hinman was a partner at Simpson Thacher, a law firm that was part of the Enterprise Ethereum Alliance, an organization advocating for Ethereum’s adoption. This connection raised questions about conflicts of interest, particularly since Hinman reportedly received millions in payments from Simpson Thacher during his time at the SEC.
As a result of his conflicts, the Office of Inspector General (OIG) at the SEC conducted an investigation into Hinman’s dealings. Despite the investigation concluding, the full report has not been released to the public, leading to speculation and criticism. Until this report is made public, any current or past statements by Hinman regarding cryptocurrency policy should, arguably, be treated with skepticism. The withholding of this report has fueled distrust, suggesting that there might be more to Hinman’s actions than has been disclosed, as many people in the crypto industry believe Hinman may have violated federal ethics rules regarding his failure to disclose alleged conflicts of interest.
Donations to Biden and Ties to Marc Andreessen
Hinman’s political affiliations and business connections have come under scrutiny. His donations to the Biden campaign, along with his donations to many anti-Trump Democrats, including Hillary Clinton, and January 6th Committee ringleader Jamie Raskin (D-MD), have led some to speculate about Hinman’s political motivations behind his apparent regulatory decisions, as well as his motivations for trying to wiggle his way back into Trump world. It is worth noting that Hinman’s donation to Democrat Congressman Jamie Raskin was made in March 15th, 2021, just two months after the January 6th protests, which Raskin used as a vehicle to support impeaching President Trump and targeting Trump supporters with the creation of the Gestapo like January 6th Committee.
Additionally, after leaving the SEC, Hinman joined Andreessen Horowitz (a16z), a prominent venture capital firm deeply invested in crypto, where Hinman was appointed as an advisory partner. Marc Andreessen, co-founder of a16z, has been a vocal advocate for crypto, and Hinman’s move to a16z was viewed by some as a continuation of his influence in shaping crypto policy, but from the private sector, as opposed to his prior role at the SEC.
This transition was particularly noted when a16z announced a massive $2.2 billion crypto fund, with Hinman’s role viewed as leveraging his regulatory experience for the firm’s benefit. Hinman’s involvement in such a significant investment in crypto, right after a tenure at the SEC marked by regulatory ambiguity, has raised eyebrows about the revolving door between regulatory agencies and private sector giants.
It is worth noting that Marc Andreessen, much like Hinman, was never a Trump supporter during previous Presidential election cycles. In 2016, when asked why he supported Clinton over Trump, Andreessen replied, “is that a serious question?” Andreessen then proceeded to berate Trump over his strict immigration policies, adding that any proposal to “choke off” immigration “makes me sick to my stomach”. Now, Hinman and Andreessen are working together, and much like Hinman is trying to hide his previous history as a Trump hater, Andreessen is doing the same by occupying as much space and time as possible at President Trump’s Mar a Lago estate in Palm Beach, Florida since the conclusion of the 2024 Presidential election.
According to Business Insider,
“Marc Andreessen said in a recent podcast appearance that since Election Day, he has spent roughly “half” his time at Mar-a-Lago discussing policy issues with President-elect Donald Trump. Speaking with Bari Weiss for an episode of her “Honesty” podcast, the venture capitalist and vocal Trump supporter said he’s “not claiming to be in the middle of all the decision-making” but is trying to help shape policy in a second Trump administration. “I’ve been trying to help in as many ways as I can,” Andreessen said. “Trump brings out a lot of feelings in a lot of people. People have very strong views. And then there are many political topics that, you know, we’re very deliberately not weighing it on.” He added that he’s “Not Mr. Foreign policy, or Mr. Abortion policy, or guns” because he’s “not an expert on those things,” but has instead focused his input on issues he does have experience in, like technology and economics.”
Business Insider
Conclusion
Bill Hinman’s legacy in the crypto space is one of perceived scandal and conflict. His 2018 speech opened Pandora’s box for the crypto community, leading to a regulatory crackdown that many believe was misguided and detrimental to U.S. crypto innovation. The lack of transparency regarding his alleged ethics violations, questions about why Biden’s SEC Chairman Gary Gensler seemed to protect Hinman by not releasing the OIG’s Report on Mr. Hinman’s activity, coupled with Hinman’s pro-Democrat political and business engagements post-SEC, paints a picture of a shadowy figure whose influence on crypto policy remains impactful, but not in a positive manner. Until the SEC releases the full OIG report regarding Hinman, the crypto industry, the public, and the Trump administration should approach Hinman’s insights with caution. His attendance at events like the ‘Crypto Ball’ and his attempt to push revisionist history via his ties to David Sacks and Marc Andreessen further underscores the ongoing debate about Hinman’s role in the history of cryptocurrency regulation, and his position as a harbinger of a prolonged winter for crypto innovation in America.
The post Former SEC Official William Hinman Attempting To Infiltrate Trump Crypto Board Despite Donating To Biden And Hillary Clinton appeared first on Loomered.
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