The legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple has taken an unexpected turn , with new developments raising serious questions about the agency’s integrity. Recently, speculation intensified over whether the SEC would proceed with its appeal against the ruling on XRP’s programmatic sales. This uncertainty was heightened by the SEC’s abrupt dismissal of its case against Coinbase (COIN), leading many to wonder if a similar retreat in the Ripple lawsuit was imminent. However, Ripple’s case presents challenges that could complicate the SEC’s strategy. Adding another layer of intrigue, a recent Office of Inspector General (OIG) investigation has brought to light potential conflicts of interest within the SEC. Reports indicate that former SEC Chair Gary Gensler withheld the findings before stepping down. Since then, Acting Chair Mark Uyeda and Commissioner Hester Peirce have remained silent, fueling speculation that the report contains damning evidence of regulatory misconduct. If these findings confirm bias in the SEC’s handling of cryptocurrency cases, it could dramatically impact the agency’s approach to the Ripple lawsuit. OIG Investigation Uncovers Possible SEC Bias The non-profit watchdog group Empower Oversight (EO) first raised concerns over potential conflicts of interest within the SEC, prompting the OIG to launch an investigation. At the center of the controversy is former SEC Director of Corporation Finance Bill Hinman, whose actions and affiliations have raised red flags regarding possible favoritism in crypto regulation. William Hinman’s 2018 speech was a landmark moment. In it, he stated that Bitcoin (BTC) and Ethereum (ETH) did not qualify as securities, significantly influencing how the market views these cryptocurrencies. However, his close ties to the law firm Simpson Thacher—part of a group that actively promoted Ethereum—have led to accusations of bias. While serving at the SEC, Hinman reportedly continued interacting with Simpson Thacher despite explicit warnings from the agency’s Ethics Division. More concerning are allegations that he received millions of dollars in financial benefits from the firm during his tenure there. After leaving the agency, he rejoined Simpson Thacher, further deepening concerns over potential conflicts of interest. These revelations could significantly affect the SEC’s credibility, especially if the OIG report confirms unethical conduct. Proof of this would undermine the legitimacy of the SEC’s enforcement actions against Ripple and other crypto firms. The agency’s failure to provide transparency has prompted EO and Fox Business journalist Eleanor Terrett to file Freedom of Information Act (FOIA) requests seeking the full OIG report. However, with the SEC refusing to release the findings, EO has taken legal action to force disclosure. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Ripple Case and XRP’s Market Prospects With the Ripple lawsuit hanging in the balance, XRP’s price has reacted to market uncertainty. As of report time, XRP is trading at $2.15, reflecting a 13.55% decline within a day. The broader crypto market also edged lower by 0.08%, bringing its total valuation to $3.14 trillion. Despite these fluctuations, XRP remains well below its January 16 peak of $3.3999 and its all-time high of $3.84 set in 2018. Several factors will influence its price trajectory in the coming weeks: SEC’s Appeal Decision: If the SEC withdraws its appeal, it could signal a major victory for Ripple, potentially pushing XRP beyond its all-time high of $3.84. However, if the legal battle drags on, prices could struggle to surpass $1.50. ETF Developments: Approving an XRP-spot exchange-traded fund (ETF) could drive institutional interest and propel prices toward $5 . With mounting pressure for the SEC to disclose the OIG findings and growing doubts about its legal standing, the next phase of the Ripple lawsuit could be more unpredictable than ever. If the investigation exposes misconduct, it could reshape the case and alter the regulatory landscape for the entire crypto industry. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post SEC vs. Ripple Lawsuit Takes a Shocking New Twist appeared first on Times Tabloid .
