Dec. 02, 2021
To whom it may concern, The SEC should seriously reevaluate their “clarity by enforcement” approach to cryptocurrency regulation. It’s been said before and it’s worth repeating; this method stifles American innovation and harms investors. Look at the SEC v Ripple case, for example. The SEC gave guidance to investors for eight years that XRP is either not a security or that they had not yet made a determination. Out of nowhere, and after almost a decade, they decide that it’s a security? That’s unacceptable. It makes the Unites States of America look foolish. The CFTC determined that XRP is a currency. Japan’s financial law treats XRP like a currency. Banks and financial institutions of the world are testing the use of cryptocurrencies for cross-border remittances and peer-to-peer payments. The world is moving forward and America is going to be left in the dust if we keep up this archaic way of regulating. Higher-ups in the SEC may say things like “our doors are open”, but that does not mean “our minds are open”. They attack one crypto fintech company after another and for what purpose? American investors clearly believe in cryptocurrencies and the technologies and philosophies behind them. The SEC needs to support American investors, not harm them. Get with the program or get out of the way, because cryptocurrencies are here for good.