David Schwartz, the chief technology officer at Ripple, a leading enterprise blockchain company based in San Francisco, recently made a pointed remark on social media directed towards the US Securities and Exchange Commission (SEC).
“Merry Christmas to everyone who opposes regulation by enforcement,” he stated.
Ripple has been actively involved in challenging the SEC’s regulatory approach within the cryptocurrency industry.
The SEC’s controversial “regulation by enforcement” tactic has faced significant criticism from key figures in the industry.
In a recent statement covered by U.Today, Ripple CEO Brad Garlinghouse referred to SEC Chair Gary Gensler as the “Luddite of his time.”
Schwartz also recently criticized what he called Operation Chokepoint 2.0, a purported effort to ostracize cryptocurrency companies from the banking sector.
He advocated for the cessation of indirect regulation, emphasizing the importance of following proper legislative processes rather than pressuring banks to sever ties with certain businesses.
In a previous instance, Schwartz publicly rebuked the SEC for its lack of clear guidance on cryptocurrency regulation.
“It’s evident that the SEC cannot provide explicit rules. If they did, compliance would be straightforward,” he remarked in response to the SEC’s legal action against Coinbase.
Nevertheless, Ripple and the broader cryptocurrency community have achieved significant victories. Gensler has announced his impending departure from the SEC, with Paul Atkins, a pro-crypto advocate, being nominated as his successor. This transition signals a potentially more favorable stance towards cryptocurrencies within the regulatory environment.
Additionally, two anti-crypto commissioners, Caroline Crenshaw and Jaime Lizárraga, are also set to leave the agency.