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New Head of SEC Enforcement Quits Week After Starting Job but Fight Against Ripple Continues

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Thu, 04/29/2021 - 12:12
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Yuri Molchan
Recently appointed SEC’s enforcement chief resigns abruptly, leaving it to lead the war against Ripple to someone else
New Head of SEC Enforcement Quits Week After Starting Job but Fight Against Ripple Continues
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Bloomberg has reported that the recently elected head of enforcement at the SEC, Alex Oh, has suddenly resigned from her important post at the U.S. financial watchdog after working there for merely a week.

But it does not stop the agency from fighting its war against the Ripple fintech giant begun in December.

Alex Oh resigns after starting her new job

Alex Oh has chosen to quit her high position at the SEC due to a complication in a case from her prior legal career, according to Bloomberg.

This happened only a week after she was appointed to this position. Now, the previous candidate, Melissa Hodgman, will return as acting director of enforcement at the SEC, the regulator wrote in a statement.

The case from Oh's previous legal career that Bloomberg referred to was a case in which Oh defended the oil company Exxon Mobil Corp against allegations of it supporting the cruel treatment of locals in Indonesia as was claimed by court documentation.

Now, as this case has developed, Alex Oh decided that she cannot handle it while working at the SEC and resigned.

The chief of the SEC enforcement division is in charge of a team of 1,300 people who check companies for violating securities laws and investigate companies and individuals inside of them for misconduct, often imposing further sanctions on them.

Related
SEC Names New Director of Enforcement as Fight with Ripple Continues

SEC determined to continue its lawsuit against Ripple

Even though the XRP community urges the new SEC chairman Gary Gensler to drop the legal suit against Ripple (a new petition has been launched by XRP fans), he seems to be determined to continue the legal fight started by his forerunner Jay Clayton.

By now, the lawsuit has entered its fifth month and Ripple Labs, defended by a team of lawyers, has managed to score a few minor legal victories against the regulatory agency.

Besides, the CEO of Ripple's partner in Japan, SBI Group, Yoshitaka Kitao has recently announced that Ripple intends to conduct an IPO after the legal fight with the SEC is over and done with.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.