The co-founder of Sologenic Bob Ras expresses that the Security and Exchange Commission (SEC) has become weak to continue the lawsuit files against Ripple.
He However asserts that the current development in the Crypto industry has sown how weak SEC has become on the notion of cryptocurrency regulation as compared to past attempts.
According to him; ‘The “Ripple effect” of the SEC’s aggressive approach to crypto regulation is being felt throughout the industry, the current situation reveals that the SEC has never been in a weaker position on the Crypto topic 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
This statement by Ras came following a report by Forbs on how the Hinman document will vindicate Ripple in the ongoing crypto battle of the year, and will also give Coinbase confidence in its case against SEC.
Read Also: SEC May Have Bitten more than What it can Chew: Forb Contributor.
Recall that Judge Torres denied SEC’s request to seal Hinman’s document, since the judge’s ruling for Ripple to make the Document public, SEC seems to be in a compromise position in its battle against Ripple.
Ras further slammed SEC on their attempt to classify all digital assets as Security, he added that their attempt to categorize all assets demonstrate a lack of understanding of the nature of the Crypto space.
He (Ras) complained that companies like Ripple are facing unnecessary burdens by SEC. Moreover, Ras accuse SEC as a lawmaker that applies obsolete law to tackling technology that they do not have a basic understanding of.
Read Also: Five Major Wins For Ripples This Weekend
Uncertainty Of Regulation Forcing Innovation Abroad.
Furthermore, the co-founder of Sologenic stressed that SEC’s” attempt to tackle cryptocurrency has backfired and this has caused many projects and repressed networks to go abroad. He argued that the lawsuit has been able to hamper progress and contributed to losing jobs.
In conclusion, Ras encouraged SEC to dissuade their regulation-by-enforcement method and embrace a regulatory structure that will be able to facilitate Innovation and protect investors.
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