In a tweet today, popular crypto YouTuber Ben Armstrong AKA Bitboy, asserted that the rest of the crypto community needs to apologize to the XRP community.
He asserted that due to certain biases, many had watched and “cheered” what they perceived to be the “early demise of Ripple,” an action for which he is also guilty. However, Bitboy now believes their work to uncover alleged corruption at the US Securities and Exchange Commission could save the entire crypto space.
In an earlier tweet, the crypto influencer asserted that SEC chief Gary Gensler is worse than Sam Bankman-Fried, the former CEO of bankrupt crypto exchange FTX. While SBF may go down as one of the biggest frauds in history by his estimates, Gensler is worse for refusing to provide clear guidelines for the crypto markets, Bitboy asserts.
“That’s why you lost,” Bitboy tweets citing the lack of regulatory clarity from the SEC.
The statements come as the crypto community’s distrust for the markets regulator reaches a fever pitch. For many, it is apparent that the commission’s priorities are misplaced, and its only actions have ended up hurting users instead of protecting them. But, unsurprisingly, only a few in the crypto community feel as strongly about this as the XRP community.
However, they are not alone.
ShapeShift founder Erik Voorhees echoed the sentiments of Attorney John E Deaton in a recent Unchained podcast episode. Deaton, amicus curiae on behalf of XRP holders in the SEC vs. Ripple case, had asserted that time and time again, the SEC had failed on its mandate. Voorhees speaking on the podcast, questioned if there has ever been a time the SEC had warned users of a crypto platform collapsing before it did or stopped an exchange from trading because of questionable practices with user funds.
Under Gensler’s leadership, the SEC has doubled its crypto enforcement workforce and lobbied Congress for more funds to expand. However, the regulator has failed to prevent any crypto collapse or warn of it. Instead, it appears to have launched an enforcement campaign with no clear rules.
In the wake of the FTX collapse, Deaton, the XRP community, and other crypto community members are beginning to ask questions about the SEC’s role in the latest crypto blowup. So far, the community has drawn multiple links between Gensler and SBF, even as allegations are circulating that the SEC chief was working to provide FTX with regulatory loopholes to gain a crypto monopoly.
Consequently, Deaton’s CryptoLaw has created a petition app for community members to draw the attention of Congress to these concerns. So far, it reports users have sent 2700 messages via the app.
Notably, the concerns have already gotten the attention of Minnesota representative Tom Emmer.
Bitboy also showed his love for XRP Army in a separate video, saying.
“Ripple used to be my enemy, XRP was my enemy, but when I realized the SEC was their enemy, Ripple became my friend, so we started going through this dating process. I came to find something out: the XRP community is freaking awesome, like the XRP Army I used to make so much fun of and how stupid I look right now, but the fact is that XRP Army is the most dedicated community in the entire crypto space.”