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Category: Forex News

XRP News Today: SEC vs. Ripple Drama Unfolds Amidst Coinbase’s CFTC Gambit

The conflicts relate to former SEC director William Hinman, a 2018 speech declaring BTC and ETH securities, and payments from a former employer, a promoter of Enterprise Ethereum.

Significantly, Empower Oversight alleges Hinman received millions of dollars from former employer Simpson Thacher while guiding the SEC on crypto regulations.

Hinman returned to Simpson Thacher after leaving the SEC. Hinman speech-related documents from the SEC v Ripple case revealed Hinman continued to meet with Simpson Thacher despite warnings from the SEC Ethics Division.

The OIG investigation is nearing its conclusion. Findings of conflicts of interest and bias against Ripple and XRP could potentially compel the SEC to settle the Ripple case.

Since news of the OIG investigation, Empower Oversight refocused on the SEC. On March 14, Empower Oversight submitted a request to the FOIA for records relating to possible ethical violations.

In addition to documents regarding William Hinman, Empower Oversight asked for documents about former SEC Chair Jay Clayton. Clayton filed charges against Ripple on his final day in office before joining One River Asset Management. One River Asset Management is a crypto hedge fund focused on BTC and ETH.

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The investigation comes at a difficult time for the SEC, facing another legal battle with Coinbase.

SEC v Coinbase: The Motion to Dismiss Ruling

In August 2023, Coinbase filed a Motion to Dismiss (MTD) the SEC v Coinbase case. Coinbase argued the SEC lacked the statutory authority to regulate crypto exchanges.

Judge Katherine Failla heard oral arguments in January, and investors await a court ruling. If Judge Failla grants the MTD, the SEC may end regulating US crypto exchanges through enforcement.

The filings made on March 7 could support Coinbase’s position in the SEC v Coinbase case. If BCH, DOGE, and LTC fall under the commodities banner, the SEC may be hard-pressed to argue other cryptos are securities.

The outcome of the SEC v Coinbase case may also influence SEC plans to appeal against the Programmatic Sales of XRP ruling. Amicus Curiae attorney and CryptoLaw US founder John E. Deaton believes the SEC would settle the case against Ripple if the Court grants the Coinbase MTD.

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