As an analyst with years of experience observing the dynamic world of cryptocurrency and blockchain technology, I find myself intrigued by the ongoing saga between Ripple and the SEC. David Schwartz, CTO of Ripple, has once again taken a bold stance against the regulatory body, expressing his discontent with the “regulation by enforcement” approach.
David Schwartz, the CTO of Ripple, a blockchain company based in San Francisco, has subtly criticized the U.S. Securities and Exchange Commission (SEC) in his social media post. He wished “Merry Christmas” to everyone who disagrees with regulation through enforcement.
In the ongoing battle between the cryptocurrency sector and the Securities and Exchange Commission (SEC), Ripple has taken a leading role.
The agency’s controversial “regulation by enforcement” strategy attracted a strong backlash from industry leaders.
According to a report from U.Today, Ripple’s CEO, Brad Garlinghouse, has criticized SEC Chair Gary Gensler by labeling him as a “technological dinosaur” or a “tech-averse individual” of his era.
Last month, Schwartz sharply criticized the so-called Operation Chokepoint 2.0 that was allegedly meant to debank cryptocurrency companies.
He argued in favor of ending all indirect regulation, arguing that it was easy to pressure banks to cut-off disfavored businesses. He believes that the government “should go through the proper lawmaking process” if it wants to prohibit certain businesses.
Earlier, Schwartz slammed the SEC for failing to come up with clear cryptocurrency regulation.
In response to the SEC’s lawsuit against Coinbase, he stated that it’s clear the SEC doesn’t provide specific regulations for you to follow. Instead, if they did, you would simply abide by them.
Nonetheless, Ripple and the broader cryptocurrency sector have come out on top, as reported by U.Today. Notably, Gensler is set to depart from the agency within weeks, with Paul Atkins, a known crypto advocate, being nominated to take his place.
Additionally, both Caroline Crenshaw and Jaime Lizárraga, who have been vocal opponents of cryptocurrency, are also departing from the agency.
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2024-12-25 23:45