In a recently published tweet, Ripple CTO David Schwartz, known on the X social media network as @JoelKatz commented on an X post by another user and added his comment which most likely refers to the legal overreach of the US Securities and Exchange Commission regarding crypto and “unregistered securities.”
The XRP army supported Schwartz in trolling the SEC and its chairman Gary Gensler.
“Accepting an offer of a contract?”
X user @jeremyjudkins_ posted a photo of himself holding a branding iron with a Tesla logo on it. He tweeted that he would brand his backside with that if the post collected 100,000 likes.
This triggered a response from David Schwartz, who wondered if his like was to be considered a security and he accepted “an offer of a contract by liking this post.” That seems like a clear reference to the SEC and their branding altcoins as securities over the past few years while taking various cryptocurrency platforms to court over that.
The XRP army responded supporting Schwartz and adding more oil into the fire with comments like: “this offer looks like a security to me…”, “Is this a physical NFT?” and “Gary will see this lol.”
This tweet came out after it became known on Tuesday that the SEC intends to put stronger focus on crypto and companies working with it and offering trading, staking, and investment services in 2025.
Besides, David Schwartz knows about SEC’s overreach in the crypto space not by hearsay – his company Ripple fought in court against the regulator since 2020 and only in 2023 and then again this year it scored two major victories. One of them was about the court ruling that XRP was not a security when sold in secondary markets.
However, the SEC has recently filed an appeal.
SEC eyes stricter scrutiny for crypto
Fox Business’s journalist Eleanor Terrett spread the word on her X account that the Securities and Exchange Commission has included crypto in its list of 2025 exam priorities, even though no major crypto-focused company has registered with the SEC this year.
Since Bitcoin and Ethereum are the only cryptocurrencies that SEC believes not to be securities, Terrett assumed that the regulator might be focused on them and companies that work with BTC and ETH, which the SEC officially considers to be commodities.
