{"id":277445,"date":"2024-04-04T19:42:14","date_gmt":"2024-04-04T14:12:14","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=277445"},"modified":"2024-04-04T19:42:14","modified_gmt":"2024-04-04T14:12:14","slug":"ex-sec-john-reed-stark-hits-back-at-crypto-after-ripple-clos-comments-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ex-sec-john-reed-stark-hits-back-at-crypto-after-ripple-clos-comments-crypto-news\/","title":{"rendered":"Ex-SEC John Reed Stark Hits Back at Crypto After Ripple CLO’s Comments – Crypto News"},"content":{"rendered":"

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Former U.S. SEC official John Reed Stark attacked crypto and offered his three admonitions to all the spot Bitcoin ETF<\/a> sponsors, crypto exchanges, promoters, and other entities related to crypto. The move comes after the crypto community including Ripple CLO Stuart Alderoty<\/strong>, Nic Carter<\/strong> and others slammed SEC Enforcement Division Director Gurbir Grewal<\/strong> for criticizing crypto and non-compliance in the industry.<\/p>\n

Former SEC Official John Reed Stark Reprimands Crypto<\/h2>\n

Former SEC Enforcement Chief John Reed Stark<\/a> said \u201cCrypto is Not a Pathway For Financial Inclusion or a Panacea For the Unbanked. That is a Mammoth Deception and Despicable Exploit.\u201d<\/p>\n

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He slams both old crypto firms and new financial behemoths entering crypto for making hefty profits on fee income from their customers. He claims there is no advantage in crypto, saying the companies just \u201cshill their deceitful and ruthless narrative on social media ad infinitum.\u201d<\/p>\n

John Reed Stark provided three admonitions to all the Bitcoin Spot ETF sponsors, crypto exchanges, promoters: These are:<\/p>\n

    \n
  1. Crypto doesn\u2019t help the unbanked:<\/strong> He claims a Bitcoin Spot ETF or crypto exchange is not decentralized and doesn\u2019t help the unbanked.<\/li>\n
  2. Decentralized finance somehow empowers investors: <\/strong>He said crypto-intermediaries are more centralized, less accountable, and less transparent than tradefi. Bitcoin Spot ETFs and crypto exchanges are not going to fix financial inclusion.<\/li>\n
  3. Crypto is fraud: <\/strong>Companies focus colossal profits from mathematical computational blather and not innovation.<\/li>\n<\/ol>\n

    He cited SEC Enforcement Director Gurbir Grewal\u2019s<\/a> speech regarding predatory inclusion tactics of certain crypto entities.<\/p>\n

    <\/p>\n

    <\/p>\n

    \u201cThe \u2018predatory inclusion\u2019 tactics that certain crypto entities are directing at Black, brown, and other marginalized communities are extremely troubling. Here, I\u2019m talking about the familiar (but so far unsupported) narratives that crypto will increase financial inclusion; that it will uplift the unbanked or underbanked; and that it will help them build wealth and increase upward mobility.\u201d<\/em><\/p>\n

    Also Read: Binance Still Bullish On These 3 Trending Crypto<\/a><\/strong><\/p>\n

    Ripple CLO Stuart Alderoty Slams SEC\u2019s Gurbir Grewal<\/h2>\n

    Ripple chief legal officer Stuart Alderoty<\/strong> slammed SEC\u2019s Gurbir Grewal for falsely claiming that SEC acted with integrity in enforcement actions against crypto companies. He highlights sanctions on the SEC for \u201cgross abuse of power\u201d in DEBT Box<\/a> case<\/span>, Ripple<\/span> judge\u2019s admonishment for lack of \u201cfaithful allegiance to the law\u201d and the judge in Grayscale lawsuit filing the SEC \u201carbitrary and capricious\u201d.<\/span><\/p>\n

    <\/p>\n

    Alderoty also added that Gurbir Grewal cited SEC vs Ripple<\/a> but failed to agree that the SEC lost on most of its claims in the case. The court even rejected the SEC\u2019s argument that \u201cXRP was in and of itself a security.\u201d<\/p>\n

    He also commented on the lack of clear guidance from the SEC, but Grewal said the regulator has given clear crypto guidance. Ripple CLO said even SEC\u2019s former General Counsel noted that the Howey test on the SEC\u2019s website has \u201cgreater confusion.\u201d<\/p>\n

    Also Read: Ripple Labs To Issue Stablecoin To Rival USDT and USDC<\/a><\/strong><\/p>\n

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    \u2713 Share:<\/p>\n

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    Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry. <\/p>\n<\/p><\/div>\n

    \n \"\"\"\" <\/div>\n<\/p><\/div>\n<\/p><\/div>\n
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    The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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    –><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

    Former U.S. SEC official John Reed Stark attacked crypto and offered his three admonitions to all the spot Bitcoin ETF sponsors, crypto exchanges, promoters, and other entities related to crypto. The move comes after the crypto community including Ripple CLO Stuart Alderoty, Nic Carter and others slammed SEC Enforcement Division Director Gurbir Grewal for criticizing […]<\/p>\n","protected":false},"author":2,"featured_media":150938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-277445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/277445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=277445"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/277445\/revisions"}],"predecessor-version":[{"id":277447,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/277445\/revisions\/277447"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/150938"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=277445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=277445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=277445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}