- SEC claims that nine digital assets involved in insider trading by Coinbase employees are securities.
- The US SEC has accused ten companies of violating securities laws, attempting to regulate by enforcement.
- Ripple price is struggling to recoup its losses; analysts have a bearish outlook on the altcoin.
XRP succumbed to developments in the SEC v. Ripple case and the crypto ecosystem, dropping to $0.36. The SEC has filed a complaint accusing ten companies of violating securities laws in its tactic of regulation by enforcement.
Also read: Ripple officially confirms end of Jed McCaleb’s XRP dumping spree
SEC’s regulation by enforcement tactics hit ten crypto companies
The SEC filed a complaint against ten companies violating the securities laws, including nine digital asset issuers and a crypto exchange. Jake Chervinsky, Head of Policy at Blockchain Association, commented on the situation and condemned the defendants’ alleged conduct and the SEC’s unjust tactics in accusing the firms.
21/ It’s sad but not surprising to see the SEC continue its unfair attacks on crypto.
As I said, we knew the SEC planned to ramp up enforcement this year, so I assume this is only the beginning.
I hope their next move won't be so unfair & unjust.
[end]https://t.co/G5dHIwJgvO
— Jake Chervinsky (@jchervinsky) July 22, 2022