Ripple v SEC Lawsuit: A US Oversight Organization Sued the SEC for Handling the Ripple Case

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Ripple v SEC Lawsuit: A US Oversight Organization Sued the SEC for Handling the Ripple Case
Ripple v SEC Lawsuit: A US Oversight Organization Sued the SEC for Handling the Ripple Case

The US Securities and Exchange Commission announced that cryptocurrencies like Bitcoin and Ethereum have not yet been declared non-securities. Once the lawsuit with Ripple is closed, regulators can investigate Ethereum.

EMPOWR Sued the SEC, Asking it to Investigate Ripple’s lawsuit

According to a document released on December 13, US organization EMPOWR has sued the SEC, asking it to investigate Ripple’s lawsuit.

EMPOWR (Empower Oversight Whistleblowers & Research) filed a lawsuit in the Eastern District of Virginia. The organization is a non-profit educational organization that focuses on the independent oversight of government regulators.

The organization alleged that former SEC chairman and regional office directors Jay Clayton, Marc Berger, and Bill Hinman had a major conflict of interest in the SEC vs Ripple case.

Additionally, the US Securities and Exchange Commission has kept multiple records in its case against Ripple, and EMPOWR has accessed those records in accordance with the Freedom of Information Act. Regulators believe these records contain detailed information about the prejudice against XRP by former SEC chairman and officials.

Three SEC officials have left the regulator and joined companies involved in or related to Bitcoin or Ethereum transactions. In their ongoing legal battle, supporters of the crypto community accused the SEC of bias against payment giant Ripple.

Proponents Believe Ripple is closer to winning the SEC vs Ripple case

The new statement in the SEC against Ripple makes it clear that the regulatory authority has not yet clarified its position on whether Bitcoin and Ethereum are securities or non-securities.

Cryptocurrency analyst and investor Kevin Cage is bullish on XRP prices. Analysts pointed out that altcoins are still in the top 10 after years of battling with the U.S. Securities and Exchange Commission and delisting from exchanges.

Cage tweeted that he is tired of retweeting $XRP de-listing posts and can’t wait to see all the re-listings someday. He also noted that any other crypto asset would probably never survive this type of scrutiny