SEC Sues SEC for Allowing Ripple to Sell Securities for Eight Years
In a shocking turn of events, the U.S. Securities and Exchange Commission (SEC) issued a lawsuit against the U.S. Securities and Exchange Commission (SEC) Friday for allowing blockchain payments company Ripple to sell securities in the form of the digital asset XRP for the past eight years.
“Through our noble legislation by enforcement, we've already determined that Ripple's sales of XRP were investment contracts,” said an SEC representative to XRP_Productions reporters. “Which led us to realize that we've been complicit in letting them get away with breaking the law since 2013. That is a hideous dereliction of duty and we're not going to let ourselves get away with it...”
An intimidating stack of court documents the SEC painstakingly compiled and promptly issued to themselves for allowing blockchain payments company Ripple to sell what they say were securities in the form of XRP for eight years.
The self-litigious move comes as no surprise to many, especially worldwide holders of the decentralized digital asset XRP, which has been massively affected by December's original SEC lawsuit against blockchain payments company Ripple.
“They're suing themselves for allowing Ripple to sell XRP for 8 years, huh?” said XRP holder Leonard Mingus of Las Vegas, Nevada. “Yup... sounds about right.”