The United States Securities and Exchange Commission (SEC) got hit on its soft approach in the long-standing legal battle against Ripple. Bob Ras, the co-founder of Sologenic, revealed his opinion regarding the ongoing lawsuit between the U.S. SEC and the cross-border payment firm.
In a series of tweets, Bob noted that the turnout of events in the crypto space, especially the ongoing court case between SEC and Ripple, proved how weak the U.S. securities regulator has become.
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One of Bob’s several tweets was in response to a tweet by Forbes describing how the anticipated unsealing of Hinman’s docs would mean good news for the crypto industry and simultaneously increase confidence for Coinbase in its litigation against the SEC.
Bob’s tweet read thus, “The “Ripple Effects” of the SEC’s aggressive approach to crypto regulation are felt throughout the industry. The current situation reveals that the SEC has never been in a weaker position on Crypto topics in the past.”
1/7 The "Ripple Effects" of the SEC's aggressive approach to crypto regulation are being felt throughout the industry. The current situation reveals that the SEC has never been in a weaker position on Crypto topic in the past. @ForbesCrypto @Forbes https://t.co/WaORc3U1Cl
— Bob Ras (@bobrasX) May 23, 2023
Furthermore, Ras was against SEC’s attempt to classify every digital asset, especially crypto assets, as securities. He maintained that SEC’s recent moves purely showcased the SEC’s poor understanding of how these new technologies evolve and operate.
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Bob Ras Arguments
Per Ras, crypto enterprises like Ripple, which is presently engaging SEC in a lawsuit, are weighed down unnecessarily by the regulator’s oversight. Describing the approach taken by SEC in its court case, Ras maintained that the adopted technique by SEC is similar to a legislator with outdated knowledge, enforcing old-fashioned regulations upon a technology they haven’t fully grasped entirely. Ras believes that the SEC should have invented new laws that could accommodate the peculiarities of most crypto industries.
Speaking on the impacts of the SEC’s regulatory stance, the crypto expert maintained that it would result in scarring off potential crypto firms and investors.
Ras added that SEC’s action would also make most crypto platforms and enthusiasts seek better crypto regulatory rules away from the U.S. He pointed out that the regulator’s stance could hinder progress and increase unemployment rates in the long run.
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