Ripple CTO Schwartz in a series of tweets of the SEC criticizing its actions, arguing that they may be due to incompetence or a desire to protect inside investors.
Ripple CTO Reacts to Coinbase Receiving SEC Wells Notice
Schwartz’s comments, Coinbase’s It came in response to receiving a Wells notice from the SEC, which usually precedes an action of sanctions.
Unless you wanted to allow the founders, insiders, and early investors to profit and then shift much of the losses due to this litigation onto a large number of retail investors. I guess it could also just be incompetence that they didn’t notice this sooner.
— David “JoelKatz” Schwartz (@JoelKatz) March 23, 2023
The Ripple executive has questioned the SEC’s intention behind the recent sanctions action. “If this is the SEC protecting American investors, imagine trying to harm them,” he joked.
SEC’s second-largest cryptocurrency Ethereum (ETH) He expressed disappointment with his implementation of the Howey test, which he said was not as simple as some people believe, because he had trouble determining whether it was an unregistered security.
Some members of the XRP community have also expressed their disappointment at the industry’s inability to hold together while Ripple is under pressure, suggesting that the industry may now be weaker as a result.
Commenting on the SEC’s actions in a blog post, Coinbase said they wanted “smart crypto rules” for Americans and instead received legal threats.
The company says it has met with the SEC more than 30 times in the past nine months and shared details of its business to create a pathway for registration. However, according to Coinbase, the SEC had given “basically 0 feedback on what to change or how to register.”
*Not investment advice.
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