Elon Musk's recent remarks about the SEC have caught the attention of Ripple CEO Brad Garlinghouse, who has joined in criticizing the agency.
Industry Openly Lashes Out at SEC
The crypto industry is openly expressing dissatisfaction with the SEC's actions. Elon Musk, frustrated by the SEC's approach, called the agency a "political tool." Garlinghouse, engaged in a legal battle with the SEC over XRP's status, supported Musk, emphasizing the potential harm the agency's actions could inflict on the industry's growth.
Growing Criticism of the SEC
It's not just Musk and Garlinghouse criticizing the SEC. Politicians like Senator Mike Lee and presidential candidate Vivek Ramaswamy express doubts about the agency's credibility. Other experts note that the SEC often exceeds its authority.
What’s Next for Crypto Regulation?
With SEC Chair Gary Gensler stepping down in January, regulatory policies are expected to change. Public and political pressure may lead to more balanced crypto policies.
The ongoing criticism of the SEC highlights the need to reconsider current regulatory measures in the crypto industry. Only time will show if new policies can create more favorable conditions for its growth.
