The lawsuit between The SEC and Ripple has now become the question of image and reputation for the agency while for business and profits for the company.
Another hurdle the United States Securities and Exchange Commission has brought in the way of gross settlement and currency exchange network Ripple to get dropped the charges against it. On 19th April 2022, the US SEC filed a joint report at the Virginia Eastern District for delaying the litigation proceedings under the Freedom of Information Act FOIA. More importantly, the aim of this report is to delay the vital information provisions that could dismiss the lawsuit potentially against the Ripple (XRP) network.
The delay in the case followed orders of Judge Sarah Netburn that William Hinman, former SEC Official, be deposed for his alleged violation of rules of the Commission. Hinman, who is a former finance director at the SEC, is accused of conflict of interest and improprieties by the ethics office of the Commission. Hinman is said to have advocated for Ethereum openly. The SEC has been accused of willfully and vicariously putting disadvantages to Ripple and hindering its adoption across institutions.
The Ripple (XRP) network has been banking over the production or discovery of email that is corresponding by the SEC for Hinman and his old law firm’s involvement to prove there is a conflict of interest as a primary objection in the case of SEC.
The emails from the Security and Exchange Commission show that the ethics official of the Commission had warned William Hinman, their colleague, of a direct financial interest in his old firm, Simpson Thacher. They hence should not have any meetings with his old firm.
The hurdles that the Commission put on Ripple’s path have been observed as malicious by some whistleblowers and crypto enthusiasts. These people include Empower Oversight, who is the party to the case. Jason Foster, founder, and president of Empower Oversight speaking over the matter said that the SEC is trying hard to duck its accountability and to delay the judicial review of its failure to comply with FOIA by getting hide behind the interests of confidentiality of the law firm by which its own ethics officials said that employee had a conflict.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.