As a seasoned crypto investor who’s been navigating these digital waters for quite some time now, I can’t help but feel a sense of amusement and frustration at the ongoing dance between regulators and the industry. The recent exchange between David Schwartz, Ripple CTO, and the X community about the SEC’s stance on crypto is just another example of this intricate waltz.
In a recent tweet, Ripple‘s Chief Technology Officer David Schwartz, often recognized as @JoelKatz on X social media, responded to a post from another user, seemingly criticizing the excessive reach of the U.S. Securities and Exchange Commission in terms of their regulation of cryptocurrencies and unregistered securities.
The XRP army supported Schwartz in trolling the SEC and its chairman Gary Gensler.
“Accepting an offer of a contract?”
User @jeremyjudkins_ shared a picture showing him gripping a branding iron bearing the Tesla emblem. In his post, he jokingly threatened to brand his rear end with it if the tweet amassed 100,000 likes.
David Schwartz raised an inquiry, questioning whether his ‘like’ was classified as a security, given that he accepted a contract by simply liking this post. This could be seen as a veiled allusion to the Securities and Exchange Commission (SEC), who have been labeling altcoins as securities in recent years, and subsequently pursuing legal action against several cryptocurrency platforms over this matter.
Supporters of XRP, collectively referred to as the XRP community, rallied behind Schwartz, fueling the debate further by making statements such as: “This appears to be a security in my opinion…”, “Is this a tangible NFT?”, and “Gary will surely notice this chuckle.
2025 will see increased scrutiny by the SEC towards cryptocurrency and businesses dealing with them, as they provide trading, staking, and investment services, following an announcement made on Tuesday.
As a researcher, I can attest firsthand to David Schwartz’s insights into the SEC’s overreach in the crypto sphere. This understanding isn’t based on rumors; it stems from my company, Ripple, being embroiled in a legal battle with the regulator since 2020. In 2023 and once more this year, we have secured two significant triumphs. One of these victories was a court ruling that XRP was not considered a security when transacted on secondary markets.
However, the SEC has recently filed an appeal.
SEC eyes stricter scrutiny for crypto
Eleanor Terrett, a correspondent for Fox Business, announced via her social media platform that the Securities and Exchange Commission plans to scrutinize cryptocurrencies as part of its 2025 examination agenda, despite no significant crypto companies registering with the SEC in this current year.
Given that Bitcoin and Ethereum are the sole cryptocurrencies deemed non-securities by the SEC, Terrett speculates that the regulatory focus may center around these digital assets and businesses dealing with Bitcoin and Ethereum, as they have been classified as commodities by the SEC.
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2024-10-23 15:57