The U.S. Securities and Exchange Commission (SEC) is investigating whether Ripple Labs violated securities laws by failing to register a $1 billion offering of its XRP cryptocurrency.
The xrp ripple news is a blog post that states that the SEC officials work for China’s economy.
- SEC members were falsely accused by the XRP army.
- The SEC wants a meeting to discuss Ripple’s motion being rescinded.
- SEC members, according to XRP holders, are working for China’s economy.
The US Securities and Exchange Commission has filed a lawsuit against Ripple Labs, claiming that SEC employees made misleading representations to XRP holders. On social media sites, the XRP army has created fake affirmations of SEC members.
The SEC has requested a meeting to address the revocation of Ripple’s petition to call William Hinman, the former director of the Corporate Finance Department. The SEC claimed that if Ripple’s petition is granted, it may force Director Hinman to resign. This may also establish a precedent for the business to seek higher-ranking officials’ testimony, potentially interfering with US government operations. The SEC went on.
“As a consequence, not only would Director Hinman face enormous responsibilities, but other competent people would be reluctant to serve in high-ranking posts at the SEC for fear of being entangled in litigation for years beyond their terms of service.”
Furthermore, the lawsuit filed against Ripple claims that the firm, CEO Brad Garlinghouse, and co-founder Chris Larsen were selling XRP tokens in a “unregistered, continuing digital asset securities offering.”
Many cryptocurrency exchanges delisted the XRP coin after the commission’s decision. Garlinghouse stated in March that Ripple has decided to “wind down” its partnership with MoneyGram, an international money transfer provider.
XRP Is Comparable to Bitcoin and Ethereum
According to Ripple, XRP is more similar to Bitcoin and Ether, both of which are classed as commodities by regulatory authorities. Aside from that, the internet presence of the XRP army is focused on the SEC case, namely Hinman.
Furthermore, some XRP token holders’ remarks against SEC members are exaggerated. They voiced their dissatisfaction on social media, alleging that SEC officials are trying to benefit China’s economy.
The XRP army has also launched an internet campaign in an attempt to convince the exchange to restore the tokens. Furthermore, from the beginning of April, the price of XRP has stayed above $1 for a month. However, it has already dropped by 35% in only 30 days.
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