- Craig Wright says the SEC is an underfunded government department that is limited in terms of validations.
- According to Wright, if the SEC was correctly funded, Ripple would be gone years ago.
- The self-acclaimed Bitcoin creator has accused Ripple of constantly lying to the SEC.
Acclaimed creator of Bitcoin, Craig Wright has taken a swipe at the Securities Exchange Commission (SEC), describing it as “an underfunded government department.” He said this while taking a dig at Ripple’s CTO, David Schwartz, whose company is under investigation by the department.
Craig’s swipe was part of a responding tweet to Schwartz’s question to him during a recent debate. Schwartz highlighted a portion of the SEC’s memo where Ripple’s implementation of ODL among banks was mentioned. Schwartz also asked Wright if he thinks that the SEC was also involved in the scam of which he has accused Ripple.
To this question, Craig responded by linking the SEC’s inability to conclude its case against Ripple to the lack of funds. He also accused Schwartz and Ripple of constantly lying to the SEC.
The SEC took Ripple to court in December 2020 over selling XRP as an unregistered security. The SEC accused Ripple of allegedly selling unregistered securities worth up to $1.3 billion. The SEC blames Ripple Labs for using XRP as a funding vehicle and claims that Ripple does not operate a decentralized platform.
In its defense, Ripple has faulted the merit of the lawsuit by the SEC. It accused the financial securities department of making classifications based on bias rather than implementing well-defined rules. Both parties have made their final bids on the case as they await the court ruling. A ruling that will determine whether XRP qualifies as a security or not.
The crypto community awaits the court verdict. However, the war of words between Ripple’s critics and supporters has not relented, with Craig leading the charge among the critics. As a self-acclaimed Satoshi Nakamoto, some Ripple supporters assume his criticism of Ripple could be born out of competition between the two major cryptocurrencies.
One Twitter user accused him of being frustrated over the limitations of Bitcoin. The user alleged that Bitcoin does not work so well anymore and is now at the mercy of whales who can decide to kill it, and Craig is unable to do anything about it.
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