David Schwartz Takes Dig at SEC in Social Media Post
David Schwartz, chief technology officer at San Francisco-based enterprise blockchain company Ripple, recently made a pointed statement on social media directed towards the US Securities and Exchange Commission (SEC). In his post, Schwartz expressed his opposition to the SEC’s approach to regulation by enforcement, wishing “Merry Christmas to everyone who opposes regulation by enforcement.”
Ripple’s Ongoing Battle Against the SEC
Ripple has been a prominent figure in the cryptocurrency industry’s ongoing struggle against the SEC. The agency’s controversial strategy of regulation by enforcement has faced strong criticism from industry leaders, including Ripple CEO Brad Garlinghouse, who referred to SEC Chair Gary Gensler as the “Luddite of his time.”
Schwartz has also been vocal in his opposition to the SEC’s actions, particularly criticizing the agency’s Operation Chokepoint 2.0, which allegedly aimed to debank cryptocurrency companies. He has argued for an end to indirect regulation, emphasizing the importance of engaging in proper lawmaking processes to regulate certain businesses.
Criticism of SEC’s Lack of Clarity on Cryptocurrency Regulation
Schwartz has not shied away from criticizing the SEC for its failure to provide clear regulations on cryptocurrencies. In response to the SEC’s lawsuit against Coinbase, Schwartz remarked, “Obviously the SEC can’t tell you what the rules are. If they do, you’ll just comply with them.”
Victory for Ripple and the Cryptocurrency Industry
Despite the challenges faced by Ripple and the broader cryptocurrency industry, there have been recent developments that signal a positive shift. Gensler, the SEC Chair, has announced his departure from the agency, with pro-crypto libertarian Paul Atkins nominated to replace him. Additionally, anti-crypto commissioners Caroline Crenshaw and Jaime Lizárraga are also leaving the agency.