Weeks after Ripple Labs secured its landmark victory against the U.S. Securities and Exchange Commission (SEC), crypto analyst Mr. Huber has accused the regulatory agency of witch-hunting the firm.
In a Twitter post, Mr. Huber said the SEC did not want to talk to Ripple about the securities of XRP. He said the SEC focused more on asking about Ripples Technology and Business.
Bill Hinman and Jay Clayton didn’t want to talk with Ripple about the securities status of xrp, only about Ripples technology and business. That SEC chairman and director were not only bribed to give Ethereum a regulatory monopoly, they also did economic espionage for ConsenSys a… pic.twitter.com/yGQUTbiWbs
— Mr. Huber🔥🦅🔥 (@Leerzeit) August 4, 2023
This revelation has stirred comments from the crypto community, considering that the securities status of XRP has been the primary reason behind the lawsuit that started in 2020. Further, Mr. Huber also alleged that the SEC chairman and director were bribed to give Ethereum a regulatory monopoly.
According to Mr. Huber, the regulatory agency favored ConsenSys, a major client of Jay Clayton, who was the SEC chairman when the lawsuit started, and JPMorgan.
Ripple has also made similar allegations against the SEC after it secured a partial victory against the regulator. In its Q2 2023 XRP Markets Reports, the company accused the SEC of following policies that do not protect consumers.
The company referred to the regulator’s absence during FTX’s high-profile multibillion-dollar meltdown in 2022. The firm also slammed the SEC for what it called “inconsistent enforcement actions” against companies.
On the court ruling, the company also addressed comments surrounding the judge’s decision. In its words, “The statement that the same ‘thing’ can be sold to buyer ‘A’ as part of a simple buy/sell transaction and also sold to buyer ‘B’ as part of an investment contract is a non-controversial statement of the law. What finds no basis in the law is the SEC’s propaganda to the contrary.”
While the SEC has said it will appeal the decision, Ripple Labs says it is confident an appeal would also end in its favor.
Elsewhere, XRP’s celebratory rally became shortlived when Judge Jed Rakoff failed to follow the decision in SEC v Ripple in Terraform Labs’ case. Data from CoinMarketCap show that the token has lost 7.54% of its value in the past seven days.
