Stefan Thomas, the former CTO of Ripple, recently expressed his belief that the U.S. Securities and Exchange Commission (SEC) had only filed charges against Ripple due to the actions of other crypto projects during the 2017 Initial Coin Offering (ICO) wave.
Ripple: A Scapegoat For The SEC?
In an interview with Thinking Crypto, Thomas mentioned that the SEC’s lawsuit against Ripple wasn’t just about Ripple itself, but the crypto industry as a whole. Thomas points out that Ripple was not singled out because of any specific actions on its part or that of the XRP community.
Instead, he believes that the actions of other projects in the space led the SEC to take action against Ripple. While Thomas doesn’t harbor ill will towards the SEC, he does believe that they are mistaken in this particular instance and hopes that Ripple will prevail.
The former CTO goes on to advocate for balance in the crypto industry. He acknowledges the existence of scams but also emphasizes the presence of legitimate companies. He believes that there is a lack of sufficient crypto regulations and acknowledges the efforts by members of Congress such as Patrick McHenry, Glen Thompson, Lummis, and Gillibrand to put forth comprehensive regulations.
The Industry’s Dilemma
Thomas maintains that the Ripple team was primarily focused on creating an improved payment system. This focus led them to maintain a close relationship with regulators and the government—a move that garnered criticism from Bitcoin enthusiasts and others within the crypto community.
Ironically, Ripple is now under scrutiny despite its attempts to do everything ‘by the book,’ says Thomas. This development has left many questioning the merits of playing by the rules when the regulatory bodies can still come after you.
Regardless, the former CTO remains optimistic about future reforms, despite his experiences. He suggests that people can strive for a better society by being more aware of political backroom dealings, and corruption, and punishing those who indulge in such actions.
