- XRP army made a false allegation against SEC members.
- The SEC requests a conference to discuss rescinding Ripple’s motion.
- XRP holders claim that SEC members are working for China’s economy.
The US Securities & Exchange Commission has filed a case against Ripple Labs as the XRP holders accuse the officials of SEC with false statements. The XRP army has made false affirmations of the members of SEC on social media platforms.
Significantly, the SEC requests a conference to discuss rescinding Ripple’s motion to summon William Hinman, the former director of the Corporate Finance Department. The SEC argued that if Ripple’s motion is then it may result in unseat Director Hinman. This might also set an example for the company to demand the testimony of higher officials, interfering in US government activities. The SEC continued
“Such a result would not only impose significant burdens on Director Hinman but would also make other qualified individuals hesitant to serve in high-ranking positions at the SEC for fear of being embroiled in litigation for years after their terms of service.”
Moreover, in the case filed against Ripple, the complaint alleges that the company, CEO Brad Garlinghouse, and co-founder Chris Larsen were engaging in an “unregistered, ongoing digital asset securities offering” with their XRP token sales.
Following the commission’s announcement, the XRP token got delisted from many cryptocurrency exchanges. In March, Garlinghouse announced that Ripple had agreed to “wind down” its collaboration with the international money transfer service MoneyGram.
XRP Is Like BTC and ETH
Ripple asserts that XRP is more like Bitcoin and Ether, which are both classified as commodities by regulatory bodies. Aside from that, the XRP army’s online presence is focusing on the SEC case, particularly Hinman.
So it is our friend Hinman! I can’t imagine what they may want to discuss. pic.twitter.com/2hmiId75zM— Jungle Inc (@jungleincxrp) June 25, 2021
Additionally, some comments from XRP token holders regarding the members of SEC are excessive. They expressed their opinions on social media, claiming that SEC officials are working for China’s economy.
Furthermore, the XRP army has also created an online campaign to persuade the exchange to return the tokens.. Besides, the price of XRP remained above $1 for a month from the start of April. But now it has fallen 35% in 30 days.
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