• In a recent interview, former Ripple director Sean McBride hinted that the Biden administration, led by Gary Gensler and Elizabeth Warren, might have suppressed the price of XRP on purpose.
• Politicians have been found guilty of using their power and access to conduct insider trading, front-running retail investors to make millions of dollars.

Could the US government have intentionally suppressed the price of XRP through the SEC lawsuit to acquire the token on the low?

Since former SEC chair Jay Clayton filed the securities violation lawsuit against Ripple in 2020, the XRP community has alleged that there has been a wider conspiracy against the token. They have made connections between top-ranking SEC officials taking positions at entities that invest in Ethereum and BTC, saying they might have used their influence to subdue XRP as the top rival to the other two top tokens. Remember, before the lawsuit, XRP was only behind ETH and BTC in market value.

It came up again in a recent interview with Sean McBride, the ex-director of talent acquisition at Ripple. Interviewer Ray Fuentes posed the question: “Do you think it’s because they (the likes of Gensler and Sen. Elizabeth Warren) want to buy it at these suppressed prices, or what are your thoughts?”

McBride responded:

I won’t speculate on that. I’ll let other people do that.  But, you know, the fact of the matter is banks and institutions will not take the risk of using an asset when there’s a hostile regulatory landscape.

US politicians have been known to bend the law to make millions of dollars at the expense of retail investors. One analysis conducted by the New York Times in 2022 found that a staggering 97 members of the US Congress had traded shares, bonds, or other assets directly related to their legislative positions. Some, like Sen. Richard Blumenthal, purchased nearly $5 million of stock in telecom companies while he was sitting on a Senate committee overseeing the sector.

These conflicts of interest are not just conspiracies. The US SEC and the Justice Departments have launched investigations into dozens of government officials and legislators, but most of these inquests are dropped after a few months. Even those found guilty only have to pay a ludicrously low $200 under the previously existing regulations.

Therefore, the accusations against some of the Biden government’s leading tsars and their obsession with XRP are not far-fetched.

However, one of the biggest clouds that hung over XRP was the lawsuit. But as we reported, Ripple emerged victorious with a $125 million penalty, which the token has responded quite favourably to.

McBride noted:

[Now that the case has ended], the cards are going to be on the table. There are going to be no more excuses. The blindfolds are going to be off. No more hiding. Everyone will have a better understanding of what’s happening.

XRP trades at $0.5792, gaining 1% in the past day, trailing the broader market gains of 3.9% in that time.

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