SEC Inspector General Report Requested Amid Controversy Over Treatment of XRP and Ethereum

Pressure Mounts on Gensler to Release IG Report as New Letter Exposes XRP’s Unfair Treatment and Ethereum’s Free Pass

As the controversy surrounding Ripple’s lawsuit with the Securities and Exchange Commission (SEC) continues, Empower Oversight is urging Congress to release a report from the SEC Inspector General. This report is said to be critical in determining whether former SEC Chairman Jay Clayton and his team acted unfairly in their treatment of XRP.

The request comes as a new letter sheds light on the stark contrast between how the SEC has handled XRP and Ethereum. The letter, signed by several prominent voices in the cryptocurrency industry, demands transparency from Gensler and raises questions about potential bias within the regulator’s ranks.

For those unfamiliar with the background of this issue, it is important to note that Ripple, a leading blockchain company, was sued by the SEC in December 2020. The lawsuit accused Ripple and its executives of selling $1.3 billion worth of XRP as unregistered securities. This move has been met with widespread criticism from within the cryptocurrency community.

The controversy surrounding this issue is not limited to just the legal proceedings themselves but also extends to the treatment of Ethereum, another prominent blockchain-based digital asset. Ethereum’s decentralized and open-source nature has led many to question why it was not targeted by the SEC in a similar manner.

In light of these events, Empower Oversight is demanding that Congress release the Inspector General report, which is expected to reveal whether any wrongdoing occurred during the tenure of former Chairman Clayton. The organization believes this report will provide crucial insight into the motivations behind the SEC’s actions and help establish transparency within the agency.

The new letter sent by prominent voices in the cryptocurrency industry further strengthens these demands, as it sheds light on the inconsistencies in the SEC’s treatment of XRP and Ethereum. This letter has been signed by several well-known figures, including [list names], who are calling for accountability from the regulator.

As this controversy continues to unfold, it is clear that there is no shortage of questions surrounding the actions taken by former Chairman Clayton and his team. However, until these concerns are addressed and transparency is brought to the process, many in the cryptocurrency community will continue to question the motives behind the SEC’s moves.

In conclusion, pressure is mounting on Gensler to release the IG report, as it holds the potential to reveal any wrongdoing that occurred during Clayton’s tenure.

Source: coinpedia.org