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Today, we have some breaking news regarding a possible crypto conflict of interest within the SEC that could have major implications for the future of XRP and Ripple Labs.
In February 2024, Empower Oversight revealed that an Office of Inspector General (OIG) investigation was nearing its conclusion. This investigation is centered around former SEC Director William Hinman, a central figure in the Ripple case.
Empower Oversight has raised concerns about potential biases against XRP and Ripple Labs within the SEC, citing Hinman’s past statements about bitcoin and ethereum not being securities. Additionally, allegations have been made regarding Hinman’s financial ties to his former employer, law firm Simpson Thacher, and their involvement in promoting Enterprise Ethereum.
Documents uncovered during the Ripple case have shown that Hinman continued to have interactions with Simpson Thacher employees despite warnings from the SEC’s ethics division, adding fuel to the fire of this investigation.
If the OIG finds evidence of misconduct or conflicts of interest, the SEC may choose to forgo any plans to appeal, potentially impacting the price of XRP. The agency’s reluctance to release certain documents related to Hinman further emphasizes the importance of this investigation.
Exclusive XRP Price Analysis: What to Expect Next
With the OIG investigation potentially influencing the SEC’s decision on whether to appeal, the price of XRP may face significant fluctuations in the coming days. If the findings lead the SEC to abandon their appeal plans, XRP could see a bullish trend towards the July 2023 high of $0.9327. However, if the SEC decides to appeal, XRP may experience a bearish trend towards $0.40, leaving investors in a state of uncertainty.
Stay tuned to Extreme Investor Network for the latest updates on this developing situation and gain exclusive insights into how these events could impact your investment decisions.