There are several aspects of Ripple Labs and SEC lawsuit that does not make a lot of sense. However, the crypto community has been dependent on hearing from media outlets about the latest development in the case. Fox News reports promised the public to issue a detailed report on the matter to clarify all that has been happening behind the curtain and making an effect on the matter.
Yesterday, Fox News delivered on its promise and had published the report for the benefit of the public. The case started last year in December when the former chief of SEC made a case against Ripple executives for dealing in unregistered securities. On the other hand, Ripple labs decided to fight the SEC rather than offering a settlement offer.
The Fox News reporters raised the question that the former SEC Chief filed the case against Ripple Labs just before leaving his chair. It is worth noting that in most cases, the most important decisions like this are left to the other government to handle. Furthermore, throughout the tenure of the case, Ripple Labs has never tried to offer a settlement offer to SEC.
Furthermore, the report also took note of the stance of former SEC chairperson Jay Clayton on the cryptocurrency market. Clayton was not a big fan of blockchain technology, and he brought more or less 87 cases related to the industry during his entire tenure. During his time at SEC, Clayton also investigated Ethereum and Bitcoin but did not take any action.
Jay Clayton’s Relation with Ethereum
The media report shared astonishing remarks from the research and investigation activities of former SEC chairperson, Jay Clayton who started the Ripple Labs case. Clayton had been in touch with a crypto market analytics organization called Consensys, which is thought to have ties with the Ethereum network.
The report claims that it could be the main reason that Ethereum got an exemption from the SEC regulators. With the help of attorney John Deaton, XRP holders have been able to become an essential part of the court proceedings. However, XRP fell from its ATH at $3 since the case was first filed and has not been able to reclaim it during the year when the case is still active. Meanwhile, the court has recently granted the XRP holders the title of being friends of the court.