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US SEC says XRP Army are after its high-ranking members

The US SEC are accusing hodlers of Ripple, otherwise known as XRP, of spreading erroneous statements about its top officials on social media platforms.

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Judge Sarah Netburn received a motion from SEC officials aimed at squashing Ripple’s motion to summon ex-finance director William Hinman, claiming that it will set an ugly precedent that may trigger 

“a parade of requests for the testimony of high-ranking government officials,” and consequently intervene with SEC’s operation.

“Allowing Defendants [Ripple] to depose Director Hinman would likely result in Director Hinman being served with multiple deposition subpoenas by the many other persons alleged to have violated the registration provisions of the securities laws during his tenure at the SEC,” the motion read.

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“Such a result would not only create significant burdens for Director Hinman, but would make other qualified individuals reluctant to serve in high-ranking roles at the SEC for fear of being embroiled in litigation for years following their terms of service.”

The US SEC also accused the “XRP ARMY” of using social media “to disseminate negative and false statements about members of SEC leadership,”

This is another phase to the legal saga that had dragged for months.

NEXT: Prodigal Dogecoin founder, returns to the Fold

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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