Ripple CTO David Schwartz criticizes former SEC director’s views on crypto exchange oversight
Ripple Labs’ David Schwartz, the Chief Technology Officer, has expressed frustration with Marc Fagel, the former Securities and Exchange Commission (SEC) division director, over his stance on regulating crypto exchanges. This comes amid the ongoing legal battle between the SEC and Ripple, where a court ruling classified the digital token XRP as not a security.
Main breakdowns:
- Judge’s ruling on XRP provides a boost to secondary market sales of the token
- Fagel suggests that without securities sales, the SEC’s authority to regulate crypto exchanges may be limited
- He sarcastically questions Congress’ ability to create reasonable crypto regulations
- Schwartz responds, stating that courts are not responsible for regulating exchanges and criticizes the SEC’s lack of initiative
- He argues for a regulatory process that starts with public opinion and pushes Congress to take action
Hot Take: The debate between Schwartz and Fagel highlights the ongoing challenges of regulating the crypto industry. As the industry continues to evolve, it is important to establish clear regulations that protect investors while fostering innovation.
By
By
By
By
By