The lawsuit filed accuses the former president of the SEC y al antiguo director de finanzas corporativas, ya que estos emprendieron las acciones legales actualmente vigentes contra Ripple, but they allegedly maintained contact with organizations that were operating on the basis of the Ethereum, project Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. that rivaled XRP.
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Fred Rispoli, a lawyer who represents a group of investors in the XRP, filed a lawsuit against former officials of the U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) The Commission points to them as being responsible for significant financial losses as a result of the actions taken againstRipple, which would incur a possible conflict of interest.
Lawsuit against former officials of the SEC in the case ofRipple
According to Rispoli, in this opportunity he would be fully representing the investor Shannon O’Leary, who accuses the former president of the SEC, Jay Clayton, and former corporate finance director, William Hinman, of conducting secret meetings with representatives and operators of the Ethereum a decentralized open-source blockchain with smart contracts functionality. during their time working for the regulator, which would point to possible conspiracies to attack the network a network refers to all nodes in the operation of a blockchain at any given moment in time. operator of XRP, project that could well rival the second largest market an area or arena, online or offline, in which commercial dealings are conducted. cap digital currency.
The lawsuit alleges that both Clayton and Hinman took advantage of their positions to take actions againstRipple, which would presumably be driven by personal motivations rather than by the official position of the SEC in the face of the alleged trading of shares. It also adds that the aforementioned officials received extracurricular profits as a result of the actions taken against the company responsible for XRP, and that their actions resulted in losses of some USD $42 billion.
Pointing specifically to Clayton and Hinman
While there are investor groups that have filed class action lawsuits against the SEC following the actions taken againstRipple, this would be the first of its kind to point specifically to two former officials. In the case of Clayton, he has been singled out for his stances towards cryptocurrencies, since when he chaired the regulatory body he assured that BTC was not a value, and it was shortly before he left the agency that the lawsuits against the service company took place. Blockchain.
Another aspect that arouses suspicion is that after Clayton’s departure from the SEC, this one went to the investment firm’s board of directors.One River Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Assets Managementwhich was especially focused on the financing of projects based on Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. y Ethereum.
The non-profit organization Empower Oversight conducted an independent investigation into Clayton and Hinman, suspecting possible personal interests given their actions against Ripple and their subsequent positions in organizations linked to digital currencies. The latter was singled out for his ties toSimpson Thatcher & Bartlett, entity that is part of theEnterprise Ethereum Alliance.
Does it takeRipple the winnings against the SEC?
The lawsuit in question comes in the midst of the legal dispute that keeps the SEC againstRipple, at a time when legal analysts are predicting that the services company will win. Blockchain over the federal regulator, precisely because there have been twists that have tipped the balance in favor of the latter.
While the SEC alega que Ripple incurrió en la venta no autorizada de valores entre 2013 y 2015, el equipo legal de la compañía cita que el organismo legal incurre en malas prácticas ya que las acciones legales vienen a lugar siete años después, cuando en su momento ellos hicieron las debidas averiguaciones e indagaciones antes de lanzar en preventa al token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. XRP, which did not conflict with the laws in force at the time.
Los tribunales han invalidado varios alegatos presentados por la SEC in the legal dispute, and this has put a clear advantage toRipple in the case. Company officials maintain that XRP is not a security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. as it does not meet the criteria to be listed as such, and they claim that they will continue to fight the battle because their victory would mark an important milestone for the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. ecosystem in general, especially for all those organizations that work designing products and services based on Blockchain y tokens digitales.
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Source: Zycrypto
Version by Angel Di Matteo / DiarioBitcoin
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