After the release of the SEC emails that has pushed the ongoing lawsuit in favor of XRP, another lawsuit was filed against the SEC by an XRP investor. The attorney on the lawsuit is Rispoli, and the case is against Jay Clayton and Hinman. For the first time, the SEC has been named the defendant in a case. It clearly shows that they are not in a good position here.
Lawsuit filed against SEC by an XRP investor
The ongoing case between the Securities and Exchange Commission and XRP has pushed the price of the coin very low. The kind of project Ripple is, it could have done much better in case the lawsuit didn’t happen. And because there has been proof that the SEC might have had backdoor meetings with Ethereum to destroy XRP, the lawsuit claims they are responsible for the losses suffered by the investors. The claimed losses are at $42 billion in the lawsuit.
The authorities being named defendants in the case shows how things are changing. The SEC does not have any upper hand in the court of law just because they are officials. The XRP community has the backing of the entire crypto space and also the hard facts.
e-mails that turned the tables against SEC
The emails show that despite the SEC ethics team’s warnings, William Hinman continued to meet with Simpson Thacher. Bill Hinman was notified by the ethics office in January 2018 that he has an ongoing criminal financial conflict with the company. So, meeting with them under such circumstances is not permitted. Even making a phone call was forbidden. The emails imply that Hinman may have attempted to gain privileged access to the company because of his interest in it. This was sanctioned by the ethics office.
Hinman also didn’t listen to the warnings and continued to meet Simpson Thacher. After that, he was involved in saving ETH is not a security in 2018. Later it was found that the company was actually involved in the promotion of commercial use of ETH.
What are your thoughts as an XRP investor filed a lawsuit against the SEC? And do you think they will win the case and the $42B in losses? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Feds have no intention of fighting inflation, says Michael Burry.
