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SEC Commissioner Hester Pearce accuses the regulator of greed in Ripple lawsuit

SEC Commissioner Hester Pearce has voiced her opinion on the lawsuit against Ripple, stating that it was “caused by the greed of the SEC.” She criticized the SEC for not fulfilling its duties as a regulator and expanding its jurisdiction through enforcement actions. According to Pearce, this practice leaves areas in a blind spot while not providing clear regulations.

This criticism echoes the sentiment of the US regulator’s punitive regulation enforcement, which has been accused of punishing the industry rather than fostering it. The SEC’s actions have been questioned, as they seem to be more interested in punishment than regulation.

SEC Commissioner Hester Pearce

SEC Chairman Gary Gensler’s failure to provide clear answers to questions from US Congressman Warren Davidson and others has exacerbated the situation. Gensler insisted that all tokens have securities, and therefore, they must be under the regulation of the SEC.

Major US exchanges, including Coinbase, have been fighting back against the SEC’s lack of response to their petitions. Coinbase filed a lawsuit against the SEC on the 24th, demanding a response to their petition from last year. In response, Coinbase said that the SEC does not seem to have any intention of responding to the petition and plans to take all measures until it receives a clear answer.

Coinbase’s chief legal officer, Paul Grewaal, stated that enforcement actions based on securities laws are not the answer. Some experts believe that the SEC is shouting for regulation because the United States has not yet decided on its stance towards virtual assets.

CEO Jenny Johnson of Franklin Templeton also participated in the Consensus Festival held in Texas and stated that currency is an essential factor for governments to manage the economy. The lack of clear regulations in the virtual asset market is causing uncertainty and confusion among investors.

In conclusion, the SEC’s punitive regulation enforcement has come under fire, and its lack of clear regulations is causing uncertainty and confusion in the market. The lack of clear answers from the SEC has led to Coinbase and other exchanges filing lawsuits to receive a response to their petitions. The future of virtual assets in the United States remains uncertain until clear regulations are established.

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