- Pro-XRP lawyer underscores lack of regulatory clarity as Dash could be classified as security after nine years of existence.
- Crypto Twitter accuses SEC Chairman Gary Gensler of deliberately delaying clarity.
- Several users claim it is to benefit industry incumbents, suggesting political influence.
In a recent series of tweets, renowned pro-XRP lawyer Bill Morgan expressed frustration over the lack of regulatory clarity in the crypto industry, highlighting two prominent cases involving Dash and Ripple.
From Bittrex’s motion to dismiss. Imagine holding $Dash since 2014 &, for the first time in 2023, you find out that the SEC alleges the Dash token is a security from a complaint filed against a foreign company operating a foreign exchange where Dash is sold to foreign customers. pic.twitter.com/Mp9JjPpIV7— bill morgan (@Belisarius2020) July 3, 2023
Morgan’s first tweet pointed out the unexpected development regarding Dash, the popular privacy-focused crypto. After nine years of operating without any indications that proof-of-work (PoW) tokens mined through computational power would be deemed securities, the Securities and Exchange Commission (SEC) alleged that Dash might fall under this classification.
It is worth mentioning that Dash has defended itself against the SEC suit, as Coin Edition reported in April. Nonetheless, the SEC’s claim was surprising, particularly considering that Dash has been circulating for nearly a decade. The lawyer’s second tweet drew attention to Ripple’s long-standing legal battle with the SEC, which began after eight years of XRP sales.
It’s no way to achieve clarity. 9 years of uncertainty then suddenly Dash is alleged by the SEC to be a security. And this after there was no indication that PoW tokens which are mined were securities.Ripple sued after 8 years selling XRP. What a shit show the US is dishing up. https://t.co/qp9fB8fdhB— bill morgan (@Belisarius2020) July 3, 2023
One Twitter user who engaged in the conversation asserted that SEC Chairman Gary Gensler and the Democrats are intentionally delaying regulatory clarity to allow incumbents to acquire a greater share of the industry. The user even suggested that Gensler may adopt a more lenient stance after receiving signals from influential figures like Senator Elizabeth Warren.
In a separate conversation, XRP influencer Mr. Huber responded to the accusations against Ripple, emphasizing that if the company had engaged in any nefarious or illegal activities beyond the allegations of selling unregistered securities, the SEC would have pursued an injunction.
This perspective suggests that the SEC’s case against Ripple may focus primarily on registration-related technicalities rather than broader misconduct.
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