Earlier there were so many attempts by the XRP community to investigate the role played by former executives of the US Securities and Exchange Commission in the ongoing legal war between Ripple and SEC. However, today Jay Clayton and William Hinman both have been sued by XRP enthusiast Shannon O’Leary and he has done this via US litigator Fred Rispoli.
The lawsuit states that the two violated federal regulations in their persecution of XRP. The former executives have acted in favor of their previous and the present employees strongly connecting with Ethereum so that it acts against XRP holders.
It’s been nearly two years that the case between US SEC and Ripple is going on. Recently the court passed judgment in favor of the XRP defendants.
Former Executives Had Plans To Knock Off XRP Network
Attorney Fred Rispoli, who is representing XRP investor Shannon O’Leary, on April 11th, filed a lawsuit against the two former executives of SEC. As per Rispoli’s statement, they both were aware of the torture done by officials against Ripple and had decided to take a stand. The torture by SEC officials laid a severe impact on Ripple as it had damaged the investor’s finances.
Further, the lawsuit claims that Clayton and Hinman’s abuse against Ripple was because of third parties who were there to get benefits from Ripple’s closure. Ripoli also stated that the claims made under the lawsuit were beyond $5 million.
The Ripple vs SEC case has already gained thousands of people from the Ripple community filing multiple class actions against the SEC. However, the class action points out that this is the first time that it’s been filed against individuals or SEC officials.
Is XRP Really A Threat To Ethereum?
Ripoli took to Twitter to inform that both the SEC executives had plans to attack the XRPL network and also added saying Hinman and Clayton knew the fact that for their previous clients XRP was a big threat.
The litigation also claims that Clayton and Hinman’s previous clients had stakes in Ethereum that were multi-billion and both these officials were hired by the firm directly. The firm had also invested heavily in the Ethereum network.