SEC Sues Exxon for Selling “Unregistered Oil Securities”
In a bold move that appears to display another brazen effort to legislate by enforcement and expand their jurisdictional power, the U.S. Securities and Exchange Commission (SEC) announced they are suing fossil fuel giant Exxon Mobil for “150 years of selling oil without registering it as a security.”
“Exxon has been in clear violation of selling this oil as an investment contract,” an SEC spokesperson said to XRP_Productions reporters. “And for the past century-and-a-half they should have damn-well known that.”
The SEC's Acting Chair Allison Herren Lee expressing her extreme disappointment in Exxon for selling “unregistered securities in the form of oil since the 1870s.”
The move comes as no surprise to many, including worldwide holders of the decentralized digital asset XRP, which has been massively affected by an ongoing SEC lawsuit against blockchain payments company Ripple after the Silicon Valley firm had sold their holdings of the asset to various entities for over eight years.
“They're suing Exxon for selling oil, eh?” said XRP holder Leonard Mingus of Hackensack, New Jersey. “Notice the complete lack of surprise on my face...”