SEC wants to make Ripple an example for all of crypto

Criticism of the US financial regulator SEC's approach to Ripple is growing.

Since 2020, both parties have been in a legal dispute. The SEC sees the Ripple token as a potential security.

Such a classification would have serious consequences for the company - and probably the entire crypto sector.

According to Ripple attorney John E. Deaton, the case is representative of the industry. He defends himself in a letter to the Treasury Committee and the SEC .

It states that the SEC is only pursuing the case so relentlessly so that it would have the power to regulate a large number of parties that are not part of the process, such as crypto exchanges, traders and even small investors.

Republican Tom Emmer offered a similar criticism of dealings with crypto firms . He said: "Under Chairman Gensler, the SEC has evolved into a power-hungry regulator that politicizes enforcement, lures companies into 'talking' to the commission and then lashes out at them with enforcement action, and discourages them from cooperating in good faith .”

The process with the SEC has already cost Ripple around 100 million US dollars.

The SEC is now also investigating other crypto companies, such as Binance . Here, too, the accusation is that your token is a security .

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