Regulation
XRP Lawyer Weaponizes X Community Notes Against SEC Crypto Scam Alert
A recent post by the U.S. Securities and Exchange Commission (SEC) on X (formerly Twitter) has sparked significant backlash from pro-XRP lawyer Fred Rispoli. The SEC reiterated its warning regarding crypto scams. However, Rispoli leveraged X community notes to counter the claim.
XRP Lawyer Thrashes SEC’s Crypto Scam Warning
The SEC warning on X stated, “Scammers often use innovations and emerging technologies like #crypto to perpetrate investment scams,” urging caution among investors. The SEC’s post aligns with a May Investor Alert issued by its Office of Investor Education and Advocacy.
The alert warned of increasing crypto scam cases, where scammers exploit the popularity of digital assets to lure investors. The alert outlined five common tactics used by fraudsters, including establishing trust through social media and directing victims to fake investment platforms.
“Fraudsters Connect With You on Social Media Platforms or Through a Supposedly Accidental Text Message, and Then Gain Your Trust,” the alert stated, emphasizing the dangers of relationship-based scams, often referred to as “pig butchering scams.”
However, Rispoli quickly responded, requesting a review of the SEC’s post via X community notes. He accused the agency of misleading investors. He said, “The OP has scammed hundreds of thousands of investors into purchasing crypto given the agency’s all clear only to be rugged by the agency at a later date.”
This criticism highlights ongoing tensions between the SEC and the crypto industry. For context, the American watchdog allowed Coinbase to go public in 2021 but later crackdown on the exchange for alleged sale of securities.
The XRP lawyer’s response on the crypto scams warning reflects a growing disappointment amid legal actions against major firms such as Binance, Kraken, and Uniswap. These companies have faced scrutiny over alleged violations of securities laws. In these cases, the agency claims that many digital assets and trading platforms qualify as securities and should be regulated as such.
OpenSea Wells Notice
In a recent high-profile case, the SEC issued a Wells Notice to OpenSea, a leading NFT marketplace. The regulatory body threatened to sue the platform for sale of NFTs, which it deems to be securities. This move has drawn parallels to past cases involving other crypto firms.
OpenSea CEO Devin Finzer expressed shock at the SEC’s stance, arguing that the regulator’s actions could stifle innovation in the digital collectibles space. Finzer pointed out that the SEC has now entered the “uncharted territory.” He also suggested that many artists and creators could be negatively impacted by these regulatory measures.
This aligns with Rispoli’s claim of the SEC being behind ‘crypto scams’ that affect investors owing to ambiguous regulation. Adding further complexity to the debate, Ripple CLO Stuart Alderoty referenced a 1976 SEC ruling. At the time, the agency clarified that art galleries promoting and selling artworks for “investment motive” were not required to register with the SEC.
Alderoty argued that this precedent could apply to NFTs, which, like traditional art, are traded as collectibles rather than securities. “Fun fact: In 1976, the SEC ruled that art galleries, even when promoting and selling to buyers that had investment motives, didn’t need to register with the SEC,” he noted.
Kelvin Munene Murithi
Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Securities and Exchange Commission (SEC) has formally acknowledged the filing for Fidelity’s spot Solana (SOL) Exchange-Traded Fund (ETF).
This marks a key development in the financial industry, as Fidelity seeks to list its Solana ETF on the Cboe BZX Exchange. The acknowledgment comes after Fidelity submitted a proposed rule change, paving the way for the potential approval of the product.
Fidelity’s Spot Solana ETF Proposal
The SEC’s acknowledgment follows Fidelity’s filing to list and trade shares of the Fidelity Solana Fund under the Cboe BZX Exchange. The proposed rule change, initially submitted on March 25, was later amended on April 1, 2025, to clarify certain points and add additional details.
The amended proposal aims to list the Solana ETF under BZX Rule, which pertains to commodity-based trust shares. According to the Cboe BZX Exchange, Fidelity plans to register the shares with the SEC through a registration statement on Form S-1.
Fidelity’s experience with crypto ETFs, having launched the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH), has prepared it for this new initiative. FBTC has drawn substantial interest, accumulating nearly $17 billion in assets, while FETH currently manages around $975 million.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Senate Banking Committee has voted to approve Paul Atkins’ nomination for the role of Chair of the Securities and Exchange Commission (SEC). The vote, which took place on Thursday, passed with a narrow margin of 13-11, along party lines.
Paul Atkins, nominated by President Donald Trump, now moves one step closer to taking over the top regulatory position at the US SEC.
Senate Banking Committee Approves Paul Atkins Nomination
Paul Atkins’ nomination for SEC Chair has received approval despite sharp opposition from Democratic members of the Senate Banking Committee. The vote was entirely split, with Republicans supporting Atkins and all Democrats opposing the decision.
This partisan divide highlights the contentious nature of Atkins’ confirmation, which had been under scrutiny for several reasons.
The committee’s approval now clears the path for Atkins to proceed to the full Senate for a final confirmation vote. Given the Republican-controlled Senate, it is widely expected that Atkins will secure the necessary votes to take over the SEC leadership. With Republicans holding a 53-47 majority in the Senate, the confirmation process is anticipated to move forward swiftly.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrency exchange Kraken has obtained a Restricted Dealer registration in Canada. The registration comes after completing a pre-registration undertaking (PRU) process with Canadian authorities.
The exchange has also announced the appointment of Cynthia Del Pozo as its new General Manager for North America. Del Pozo will oversee Kraken’s growth initiatives in Canada.
Kraken Completes PRU Process In Canada
Kraken’s Restricted Dealer registration marks the completion of a thorough pre-registration undertaking (PRU) process with Canadian regulators. The registration places Kraken under the supervision of the Ontario Securities Commission (OSC). This oversight ensures users have access to secure crypto products within a properly regulated local ecosystem.
According to the Canadian Securities Administrators (CSA), the Restricted Dealer registration is one of eight firm registration types in Canada. This particular classification is used for firms that “do not quite fit under any other category.” It also comes with specific requirements and conditions set by securities regulators.
Kraken’s regulatory achievement comes during a period of change in the Canadian crypto sector. Just months earlier, competitor Gemini exchange announced its departure from the Canadian exchange market by the end of 2024. This was a move that surprised many and raised questions about cryptocurrency regulation clarity in the country.
Kraken Introduces New Canadian GM
Del Pozo has joined Kraken to lead its Canadian operations as the new General Manager for North America. She has nearly 15 years of experience in corporate development, operations, and fintech consulting. Del Pozo will help to guide Kraken’s expansion across Canada during this important phase of crypto’s development in the region.
“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future. I’m thrilled to join Kraken’s mission at this critical moment, and to lead our expansion efforts, ensuring we continue to serve our clients long-term with innovative and compliant products,” said Del Pozo.
In her role, Del Pozo will focus on strengthening Kraken’s regulatory relationships and also scaling the company’s presence throughout North America.
Del Pozo also commented on the registration achievement: “This Restricted Dealer registration is testament to the high bar Kraken has always set for consumer protection, client service, and robust security. We’re excited to continue expanding our world-class investment platform and to deliver innovative products that provide real-world utility to Canadians.”
The Exchange’s Continued Growth In Canada
Over the past two years, the cryptocurrency exchange has shown steady expansion in Canada while working through the PRU process with regulators. During this period, the exchange has doubled its team size and monthly active users.
According to the official blog post figures, the firm now has more than $2 billion CAD in total client assets under custody. Kraken has also increased support for some of the most popular cryptocurrencies. It provides several CAD spot trading pairs that enable Canadians to trade crypto without paying expensive foreign exchange fees.
According to Innovative Research Group’s 2024 Investor Survey, 30% of Canadian investors currently own or have owned cryptocurrencies. Likewise, a KPMG Canada survey discovered that 30% of Canadian institutional investors now have exposure to cryptocurrencies, which means widespread adoption across investor types.
Vignesh
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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