Ripple Executive Criticizes SEC's Christmas Remarks
Ripple, the blockchain company from San Francisco, has its Chief Technology Officer David Schwartz directly taking aim at the U.S. Securities and Exchange Commission (SEC) on social media, saying, "Merry Christmas to those against reckless regulation!"
Ripple has been at the forefront of the battle against the SEC.
The SEC's controversial "strict regulation" approach has left industry leaders quite unhappy.
Ripple's head Brad Garlinghouse even referred to SEC Chairman Gary Gensler as a "stubborn old man."
Last month, Schwartz harshly criticized the "Chokepoint 2.0," stating that it aims to cut off the banking avenues for cryptocurrency companies.
He believes that regulatory measures should not be so indirect, and putting pressure on banks to cut off funding is far too simple. If the government truly wants to ban a business, it needs to "legislate properly."
Previously, Schwartz also criticized the SEC for their vague regulations regarding cryptocurrency.
"The SEC itself cannot clearly define the rules, and even if they do, you still have to follow them," he remarked in response to the SEC's lawsuit against Coinbase.
However, Ripple and the entire cryptocurrency sector have recently breathed a sigh of relief. It is rumored that Gensler will soon be out, leaving in less than a month, with Paul Atkins, who supports cryptocurrency freedom, set to replace him.
Two anti-cryptocurrency individuals, Caroline Crenshaw and Jaime Lizárraga, are also leaving the SEC.
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