New Class-Action Lawsuit Filed on Behalf of XRPL Users Against Former SEC Officials

AnalysisNew Class-Action Lawsuit Filed on Behalf of XRPL Users...



Tomiwabold Olajide

Fresh class action has been filed by attorney Fred Rispoli against former SEC officials

As shared by XRP-friendly attorney Jeremy Hogan, a fresh class action has been filed by attorney Fred Rispoli against former SEC officials Jay Clayton and William Hinman on behalf of Shannon O’Leary and XRPL users.

The information shared on Fred Rispoli’s Twitter handle reads: ”On April 11, 2022, a class-action lawsuit was filed against Mssrs. Clayton and Hinman for tortious interference in ALL XRPL Network Users’ valid business expectancy in the XRPL Network. The Lead Plaintiff and my client, Shannon O’Leary, decided to take a stand.”

Jay Clayton, the former chairman of the Securities and Exchange Commission, has come under fire for his handling of cryptocurrency concerns while in office. Clayton once stated that Bitcoin was not a security, and its value skyrocketed as a result. The SEC’s lawsuit against Ripple was filed at the end of Clayton’s tenure at the commission. Nonprofit Empower Oversight has subsequently launched a probe of SEC officials William Hinman and Jay Clayton on possible cryptocurrency conflicts of interest.

In August 2021, the group filed a FOIA (Freedom of Information Act) request with the SEC, requesting communications between SEC officials and their present and former employers.

Empower Oversight has obtained the first documents from the SEC as a result of a lawsuit filed under the Freedom of Information Act (FOIA). Empower Oversight announced that the documents obtained from the SEC consist of emails between two now-former senior SEC officials.

These include 1,053 pages of emails involving William Hinman, the former director of the SEC’s Division of Corporation Finance, and 46 pages of emails involving Marc Berger, the former acting director of the SEC’s Division of Enforcement.

Recently, Empower Oversight stated that it had received just under 200 pages of emails from the SEC besides the over 1,000 pages of documents that the SEC released to Empower Oversight in February.

In recent updates to the Ripple SEC case, U.S. Magistrate Judge Sarah Netburn has denied the Securities and Exchange Commission’s motion for reconsideration of the deliberate process privilege (DPP) ruling.

James K. Filan, the former federal prosecutor, claims that it is a “very big win” for Ripple in a tweet.

The court ordered the SEC to turn over an email with a draft of the infamous Ethereum speech that was given by former top SEC official William Hinman, among other documents. Back in June 2018, Hinman stated that Ethereum was not a security, at a conference in San Francisco.



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