When has The S.E.C. ever actually protected investors?
From Enron, to Madoff, The S.E.C. always arrives on the scene just a little too late, and then attempts to prosecute the bad actors after the harm has already been done.
Never in my life have I ever seen them actually lay down provisions beforehand that would protect investors, and just like all other 3 letter agencies—they’re completely useless.
Their ongoing battle with Ripple is the epitome of this. They’re essentially trying to shoot the hostages so that the terrorists can’t kill them…..
In a nutshell, this is their stance on Ripple—which is outlandish at best, and Brian Armstrong, the C.E.O. of Coinbase is echoing the sentiment that The S.E.C. harms investors more than it protects them.
Armstrong took to Twitter to voice some support for Ripple:
The irony is that the people they are supposedly protecting are the ones attacking them.
— Brian Armstrong (@brian_armstrong) October 26, 2021
U Today had more on the story:
Armstrong stressed that launching attacks against the crypto industry and hurting investors is “politically unpopular.”
The head of the largest American exchange then channeled Ripple’s oft-repeated talking point about the SEC hurting consumers instead of protecting them
The value of $XRP has actually almost tripled since the SEC actions. It hasn’t plummeted. It’s a testament to the fact that once communities are formed with shared interest they are damn resilient. https://t.co/0IPcd8wyuN
— Mike Novogratz (@novogratz) October 17, 2021
— Source D (@SourceD20) October 26, 2021
Forbes writes that The S.E.C. is experiencing some heavy pushback from the crypto community:
No one expected the tsunami of legal, political and social media action from retail cryptocurrency investors, outraged by the betrayal from an agency claiming to protect their interests. The meltdown of the SEC’s credibility with this $2 trillion global investor community exposes a costly SEC miscalculation.
Indeed, official Washington has been back-footed by the size, scale and diversity of the crypto investor class and the industry they support.
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