Ripple Exec Takes Dig at SEC on Christmas
2024-12-26
Category: None

David Schwartz, chief technology officer at San Francisco-based enterprise blockchain company Ripple, has taken a not-so-veiled dig at the US Securities and Exchange Commission (SEC) in his social media post. 
"Merry Christmas to everyone who opposes regulation by enforcement," he said. 
Ripple has been at the forefront of the cryptocurrency industry's long-standing fight against the SEC. 
The agency's controversial "regulation by enforcement" strategy attracted a strong backlash from industry leaders. 
As reported by U.Today, Ripple CEO Brad Garlinghouse has slammed SEC Chair Gary Gensler as the "Luddite of his his time."
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. 
"Obviously the SEC can't tell you what the rules are. If they do, you'll just comply with them," he said in response to the SEC's lawsuit against Coinbase. 
However, Ripple and the broader cryptocurrency industry have emerged victorious. As reported by U.Today, Gensler has confirmed that he is going to leave the agency in less than a month, and Paul Atkins, a pro-crypto libertarian, has been nominated to replace him. 
On top of that, Caroline Crenshaw and Jaime Lizárraga, two anti-crypto commissioners, are leaving the agency as well. 