- New allegations against former U.S. SEC officials involved in the Ripple lawsuit imply a possible conflict of interest.
- The officials involved in the case exited after filing the lawsuit and have continued to work together.
- Marc Albert, who charged Ripple, and Jeffrey Albert, who authored a piece that Ethereum isn’t a security, previously worked together.
Prominent crypto community members have uncovered new allegations against the U.S. Securities and Exchange Commission in its handling of Ripple’s case. The tweets drew lines to connect relationships between former SEC officials involved in Ripple’s lawsuit and a possible conflict of interest in handling the case.
In particular, a post by Cowboy.Crypto on X (formerly Twitter) mentioned that former top SEC officials have continued working together after exiting the regulatory agency. Marc Berger, who charged Ripple, left the agency four months after filing a lawsuit against Ripple but now works at Simon Thacher, the same law firm as Bill Hinman, former SEC top official.
Furthermore, the post pointed to Dalia Blass, former director of investment management at the SEC. After departing the agency in April 2023, she headed to Sullivan Cromwell, where Jay Clayton is a senior policy advisor. Notably, Clayton was a one-time SEC chairman.
The X post also revealed that Blass worked at Shearman and Sterling – Bill Hinman’s old law firm before joining the SEC. Her husband, David Blass, former SEC assistant director, now works as a partner at Bill Hinman’s current law firm, Simpson Thacher.
Following legal clarity on the securities status of XRP, many within the Ripple community have raised concerns about the SEC’s relentless pursuit of the company. On the other hand, they raised allegations that the regulator gave Ethereum a “regulatory free pass,” birthing the ETHGate Saga.
Since then, multiple revelations have emerged, notably from U.S. attorney and pro-XRP advocate John Deaton. A former Ethereum advisor also stirred speculations after releasing email conversations between Ethereum’s co-founders and top SEC officials.
Furthermore, several crypto community members have questioned the SEC’s rationale in deciding that Ethereum is not a security based on Jeffrey Alberts’ article. According to Cowboy.Crypto, Alberts, and Marc Berger – who charged Ripple- previously worked at the Manhattan U.S. Attorney’s office, which could have influenced the SEC’s decision on Ethereum.
The recent accusations against the SEC have raised concerns about transparency within the agency. Nonetheless, the regulator’s continued lawsuit against Ripple may lead to ethical calls and deepen discriminatory crypto oversight claims.
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