David Schwartz, Ripple’s CTO, voiced criticism to the US SEC for the regulation by enforcement approach it has adopted. On Dec. 25, 2024, Schwartz shared a post that read “Merry Christmas to everyone who opposes regulation by enforcement.”
His post shows an even longer dissatisfaction with SEC’s regulation. According to many crypto enthusiasts, the regulation by enforcement approach hinders the growth of the cryptocurrency industry.
Ripple’s Battles With the US SEC
Ripple has had a fierce battle with the US Securities and Exchange Commission. Schwartz in particular, has been vocal in expressing his dissatisfaction of how the SEC has tried to implement crypto regulations. He recently criticized Operation Chokepoint 2.0 which proposed the de-banking of some crypto businesses.
According to Schwartz, indirect regulations hinder fairness that is vital for businesses to thrive. In his Nov.30, 2024 statement, he said “[….] indirect regulation is a despicable evil that is used as an end run around due process and should be discarded in the dustbin of history.”
In July this year, Ripple’s CEO Brad Garlinghouse also joined the US SEC critics. Garlinghouse shared a post on his X page criticizing the SEC Chairman Gary Gensler where he said that Gary would go down as a ‘Luddite of his time.’
Expected Changes in SEC Leadership
US president-elect Donald Trump has already nominated Paul Atkins, a pro-crypto libertarian, to replace Gary Gensler as the US SEC chair. This move has raised expectations of more clear and favorable crypto regulations in the United States.
Furthermore, two SEC commissioners Caroline Crenshaw and Jaime Lizárraga are also expected to leave office once Trump’s administration takes charge. Caroline and Jaime are anti-crypto hence the expected exit. With the changes, the crypto community expects favorable crypto regulations moving forward.
XRP’s Boxing Day Price Action
According to live data on Coingecko, XRP is currently trading at $2.18, a 6.0% down in the last 24 hours. The coin’s price has been moving within the $2.17 and $2.31 range on the day.
XRP also has a trading volume of $4.04 billion in the last 24 hours, which indicates heightened market activity amid selling pressure. It also has $124.6 billion in market capitalization.
On the outlook, the coin’s steady downtrend visible on the daily chart shows bearish sentiment among investors. As Ripple continues to face it off with the US SEC, the crypto community is hopeful that the incoming administration will create transparent and fair crypto regulations.
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