Please Congress. Can you finally start the process of investigation? The chosen corruption of Jay Clayton and William Hinman needs to get resolved. The cryptocurrency ecosystem needs clarity. Huge companies like Visa and Mastercard have synced to Ripples global money transfer service, and I’m a New York retail investor who is not allowed to buy more XRP when 90% of the United States citizens can. It’s not fair.
I am a New York XRP retail investor asking Congress for help. In 2015, XRP became the first regulated cryptocurrency in the United States when the Department of Justice Civil Division and the Financial Crimes Enforcement Network settled with Ripple, declaring XRP a convertible virtual currency. Any sales of XRP complied with the United States banking laws.
Fast-forward to December 22, 2020, the Financial Crimes Enforcement Network classified XRP as a virtual currency (XRP is Ripple’s native token). Seven and a half years after XRP was trading publicly and complying with United States banking laws, on SEC Chairman Jay Clayton’s last day, he filed a lawsuit against Ripple. Mr. Clayton claimed XRP as an investment contract (security) with Ripple.
Fast-forwarding to May 9, 2022, Empower Oversight (EO) has obtained evidence of a possible breakdown in ethics controls at the SEC regarding financial conflicts of interest involving former Director of Corporation Finance William Hinman. Mr. Hinman ignored clear directives from the Ethics office not to meet with a list of entities in which he had a direct financial interest. The SEC internal emails show Hinman communicating and repeatedly meeting with an entity from which he received millions of dollars while in office, including on the same day that entity had IPO business before his division.
I’m here to show support and gratitude to John Deaton, who is suing the SEC because the SEC is suing Ripple. Mr. Deaton’s selflessness offers his time and expertise to help protect innocent XRP retail investors.
It’s time cryptocurrency receives regulatory clarity. Let us get to work.