Ripple’s Chief Technology Officer, David Schwartz, recently poked fun at the U.S. Securities and Exchange Commission (SEC) in a Tesla-themed tweet. Known on X (formerly Twitter) as @JoelKatz, Schwartz commented on a post that indirectly referenced the SEC’s actions against cryptocurrencies and alleged “unregistered securities.” Schwartz’s comment gained support from the XRP community, who joined in mocking the SEC and its chairman, Gary Gensler.
The Tesla Branding Challenge
X user @jeremyjudkins_ shared a picture of himself holding a Tesla-branded iron. He promised to brand his backside with the Tesla logo if his post reached 100,000 likes. Schwartz responded humorously, questioning whether his like on the post would be considered a “security.” He further joked about accepting “a contract by liking the post,” a clear jab at the SEC’s treatment of altcoins, which it has classified as securities in recent lawsuits.
Related article: Ripple CTO Defends XRP’s Price and Payment Adoption Challenges
The XRP army quickly rallied behind Schwartz, echoing his playful criticism of the SEC. Supporters added comments such as, “this offer looks like a security to me,” and “Gary will see this.” Many users took the opportunity to poke fun at the SEC’s aggressive stance toward cryptocurrencies, especially in light of the agency’s ongoing legal battles with Ripple.
EC Targets Crypto in 2025
This tweet came shortly after reports surfaced that the SEC plans to intensify its focus on crypto in 2025. Ripple, embroiled in a legal battle with the SEC since 2020, recently secured two significant court wins. The court ruled that XRP was not a security when sold in secondary markets.
Related article: Ripple CTO Alerts Community to New Coinbase Phishing Scam
However, the SEC has since filed an appeal. Fox Business journalist Eleanor Terrett revealed that the SEC has listed cryptocurrency as a priority for its 2025 exams.
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Despite no major crypto firms registering with the SEC this year, the regulator continues to treat Bitcoin and Ethereum as commodities, while labeling most other cryptocurrencies as securities.
