xrp-the-ripple-lawsuit-was-a-setup!
The new year has begun but the Ripple SEC lawsuit is still going on. However, crypto investors and the wider industry are still keeping an eye on the digital asset as they wait for answers from regulators as the space evolves. The US regulatory authority is not in good condition as it is being blamed for biasness. Even recently the SEC has been accused of corruption, particularly in connection to its ties with XRP. SEC’s this step has exposed the US regulatory authority and it seems like the lawsuit is near to being over. Join us in today’s video to know about the biasness and the corruption of one of the prestigious organizations of the US, on which the future of the crypto industry is depending.
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One can say that clarity and the SEC are two opposite things. It has been 12 months since the US Securities and Exchange Commission has filed a lawsuit against the San Francisco-based payment company. We have been seeing many signs of the settlement throughout the year, yet here we are. All this time, one thing that was clear was that the regulatory authority itself is unclear of what and why it’s happening. However, the ongoing legal tussle between the Securities and Exchange Commission and crypto payment protocol Ripple has taken a new turn.
The lawyers and experts have got their hands on something that apparently seems like corruption of the US regulatory authority. The bone of contention is the SEC's preference for Ethereum over Ripple's native token, XRP.
Recently, John E Deaton, founder of CryptoLaw, and Managing Partner of the Deaton Law Firm has revealed some intriguing findings alleging SEC corruption. According to Deaton, former SEC chairperson Jay Clayton had a secret motive in 2018 to support ETH over XRP. Clayton met with the CEO Andreessen Horowitz of a major venture capital firm, to request a meeting. The summit would bring together some of the greatest minds in the crypto business to discuss how the industry should be regulated.
However, it turned out that only eth representatives were present at the meeting. XRP (the second-largest cryptocurrency at the time) and other digital currency representatives did not appear to be invited. This, according to Deaton, added to the evidence that the SEC had an internal conflict of interest. Furthermore, the regulatory agency's rejection of the then-dominant XRP highlighted Clayton's desire to support eth in order to "kill" XRP. Some digital assets, such as XRP, have been designated as securities by the SEC, while others, such as Ethereum, have been designated as non-securities.
Now, this is clear biasness. Previously, Ripple's legal team had prepared a defence on numerous fronts during the discovery phase, the most important of which was the fair notice defence. It puts forward the case that Ripple was under the assumption that XRP, Bitcoin, and Ether were classed as equivalents in the eyes of the SEC. Ripple assumed the same thing about XRP because former SEC Director William Hinman had previously stated that neither Ether nor Bitcoin met the criteria for securities. Furthermore, Ripple claims they were unaware of any violations of applicable securities law since the SEC did not provide fair notice otherwise.
#XRP #Ripple
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