Tuesday, February 27, 2024
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Former SEC Executives Clayton and Hinman Sued For Corrupt Role Played In Ripple and SEC Legal Battle

After lots of calls made by the XRP community to investigate the role played by former top executives of the SEC in the ongoing lawsuit between Ripple and the US regulator, Jay Clayton, and William Hinman have finally been sued by a concerned XRP enthusiast, Shannon O’Leary via U.S. litigator Fred Rispoli.

In the suit filed against Clayton and Hinman, Rispoli alleged that former executives acted in favor of their previous and present employers, which can be strongly linked to Ethereum, in order to kill the hope of hundreds of XRP investors across the world.

In a series of tweets on the 13th of April, Frispoli pointed out that he decided to file the lawsuit against the duo on behalf of the teeming XRP community members because no agency has heeded the community’s calls for the investigation of the activities of former SEC chairman Clayton and the commission’s finance director Hinman.

Rispoli stated that there is enough evidence to prove that the two executives were involved in shady practices when they were leaders at the SEC.

In a series of tweets, Rispoli noted:

“We now know ONLY SOME of the seedy underbelly of what happened behind closed doors, in secret, with Mr. Clayton #HomerJayClayton and Mr. Hinman #WillyHinman regarding their conspiracy to destroy the XRPL Network.

“These two knew each and every XRPL Network User had a substantial interest in the growth and development of the XRPL Network. These two knew–while collecting taxpayer-funded, government salaries–that the XRPL Network was a massive threat to the financial interests of their former clients and previous employers. Though many have rightly called for an investigation into this conduct, no investigation is coming. No congressional subpoenas are on the horizon.

“And besides a handful of lone voices, no other crypto communities are coming to stand by as allies in support of a just cause. In truth, the XRP Army always knew this.

“It always was and likely always will be for the XRP Army to shoulder the burden alone, carrying on its back the communities who are too blind to see they are only in the second row of the firing squad.

“But this thread is all about hope. Many of you still have no idea how important and how powerful you truly are. All it takes is One. Which becomes Two. Then Four. Then, eventually, Victory.

“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.

“A stand against what those two did to intentionally harm hundreds of thousands of people, not just in the United States but around the world. I am serving as Shannon’s lawyer in my own personal capacity and with no affiliation but my own.

“This is a case I believe in. It is a case that is fundamentally about justice, fairness, and the rule of law.

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“Mr. Clayton and Mr. Hinman through their actions described in the complaint (linked in final tweet), and operating outside of the SEC, took unreasonable and improper action to help their former (and now-current) clients target a rival, competitor blockchain network in order to destroy it. It didn’t have to be like this. The XRPL Network–like ALL blockchain networks–should have been given A LEVEL PLAYING FIELD.

“The XRP Army didn’t ask for this fight. It didn’t start this fight. But it WILL win this fight. And here is where the most important question comes into play.”


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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