Former SEC Director who led Ripple action lands new role at Ethereum law firm


According to news outlet Bloomberg, Marc Berger, who stepped down from his role at the US Securities and Exchange Commission (SEC) in January, will join New York-based Simpson Thacher in June. Berger was instrumental in bringing legal action against Ripple on allegations of selling an unregistered security in the XRP token.

A key point throughout the hearing process has been the SEC’s nod of approval towards both Bitcoin and Ethereum, which they deem as not securities. Questions are now being asked following Berger’s appointment at a member firm of the Enterprise Ethereum Alliance.

How To Get Free Crypto  

Nagging doubts over the legitimacy of Ripple lawsuit heighten

Initial community reactions to the SEC lawsuit against Ripple were shock and disbelief. The fallout saw partners bailing, exchange delistings, and the XRP price dropping like a stone. Given the SEC’s track record of successful prosecutions, things looked bleak.

But over time, as the Ripple defense team has gone about their business, the case against Ripple seems to be unraveling. Several “mini victories” have gone Ripple’s way, including Judge Torres granting the motion for XRP holders to intervene.

An important nuance to this case is the equivalency of XRP to Bitcoin and Ethereum. In June 2018, former SEC Director William Hinman ruled that Bitcoin and Ethereum are not securities. However, the Ripple legal team wishes to probe on what basis XRP is being singled out compared to the other two.

Considering Berger’s appointment at Simpson Thacher and that firm’s Ethereum connection, questions on the validity of the SEC’s lawsuit against Ripple are being asked.

Coinbase Banner  

CryptoLaw also points out Hinman receives a $1.6mn/yr pension from Simpson Thacher. reported this story.

Selling unregistered securities is a non-crime

The founder of ShapeShift, Erik Voorhees, recently spoke about when the SEC came after him on the charge of selling unregistered securities.

This dates back to 2012, when Voorhees sold shares in his SatoshiDICE website. He said if the SEC were doing its job, it would focus on bringing retribution to victims of financial fraud.

Speaking about what happened to him, Voorhees said the SatoshiDICE investors made many multiples on their money. Meaning, in his case, there were no victims. But that didn’t stop the SEC from bringing legal action. He eventually opted to pay the $50k settlement they were asking. Voorhees also had to cover his legal costs.

“[Investors] made multiples on their money within ten months. But the SEC was p*ssed off because I didn’t get their permission to this. I didn’t register it with the SEC. So they came after me for selling unregistered securities, which is, of course, a total garbage, non-crime.”

Ripple and XRP holders have suffered greatly at the hands of the SEC. Considering XRP holders claim not to be victims, plus the dubious post-SEC goings-on with key personnel, should the SEC be the one on trial?

FreeBitcoin Banner  

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Samuel Wan

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.