US regulators will target crypto exchanges soon: Ripple lawyer

A lawyer of the Ripple firm claimed that the US SEC agency will start to target the crypto exchanges shortly.

Ripple is a San Francisco-based Fintech firm, which is known to provide Fintech-based services with the use of blockchain technology for its partner businesses. Since December 2020, Ripple is under hurdles of a legal fight against the US Securities and Exchange Commission (SEC). 

Recently John Deaton, a lawyer of Ripple who represents Ripple firm in a lawsuit against the SEC agency, shared his prescription on the next move of the US SEC agency and claimed that the agency will target crypto exchanges soon, as he expected in the past. 

John Deaton quoted the tweet of Markets Insider. Markets Insider reported that the “SEC says crypto platforms that hold customers’ stashes must treat them as their assets and liabilities”.

In response, Ripple’s lawyer says that the prediction that he made in the past seems going to be true.

Recently through an advisory statement, the SEC agency hinted that new rulings of the SEC agency may bring legal framework and new provisions for the crypto exchanges, which include Defi and self custodial wallets. 

However, nothing is clear from the SEC agency about this advisory notice but the proponents of crypto Industry believe that it is going to be something strict against crypto companies. However, statements and points of view on this unclear advisory of the SEC agency are too early to comment but here these thoughts and tensions are usual because the SEC agency is known for its strict action against the crypto industry. 

At present, the SEC agency is handling its case against Ripple firm as a top priority matter. In December 2020, SEC filed lawsuit against Ripple and claimed that Ripple’ XRP token is a Security, which is unregistered with the SEC agency. 

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