The XRP lawsuit is developing into a big deal as the case progresses. It highlights some of the critical problems of the SEC, making their actions even more questionable. And now in a public statement, the Ripple CEO informs about SEC’s dodgy ways of regulating crypto. He said that they don’t provide any clear framework on which companies can operate. But still, they chose to prosecute even though they knew that the laws weren’t clear.
The statements made by Ripple’s CEO
The SEC’s main mission is to protect investors from scams and illegal activities. But they have lost that sight and are using their power just to attack crypto companies. According to the CEO of Ripple, the SEC is using its meetings with companies to get leads on other companies that it can take action on. The lack of clarity is one clear example of this. If they wanted the investors to be protected all they would have done is give a clear set of laws and ask the companies to follow them. But as of now, there is no such thing and all they are doing is finding ways to litigate.
In fact, the CEO also said that the SEC’s steps are affecting innovation and the crypto industry adversely. The SEC can make laws that are beneficial for investors but they should be clear. The companies should not be left hanging in the dark trying to figure out what’s right and wrong. In fact, even investors of XRP are filing lawsuits against the SEC due to their dodgy ways which have plummeted the price of the cryptocurrency.
The main problem
The SEC didn’t provide any laws or clarification and let users trade XRP of 7-8 years on almost all exchanges. And suddenly they came barging in with a lawsuit that crashed the price of the cryptocurrency. This is bound to make investors unhappy and a lawsuit makes sense. While trying to litigate and show its power, the SEC has lost its vision of its goal. They forgot they are here not to crush companies but to protect the investors.
In fact, the SEC behaves as if crypto is not at all regulated. But that is not right, it is being regulated by the government and other different authorities.
What are your thoughts as Ripple CEO informs about SEC’s dodgy ways of regulating crypto? And do you think this is going to change as more companies start to speak against them? Let us in the comments below. Also, if you found our content informative do like and share it with your friends.