Jeremy Hogan, a partner at the law firm Hogan & Hogan, has accused US regulators of intentionally impeding the registration of cryptocurrency companies in the United States.
The lawyer, who represents XRP holders, took to Twitter to express his frustration with the lack of clear regulations for cryptocurrencies and the authorities’ misconceptions about this asset class.
According to Hogan, federal authorities in the US have taken a hardline position, viewing the digital asset industry as rife with fraudsters and a threat to be stopped in its tracks.
He referenced the recent statement made by the Chairman of the US Securities and Exchange Commission, Gary Gensler, who encouraged crypto companies to register with the office.
However, Hogan believes that this is a ploy by the SEC to entrap more companies associated with crypto assets, rather than actually helping them comply with the law.
The lawyer quipped that it’s easier to register heroin at the local sheriff’s office than to successfully register a cryptocurrency project with the SEC in the US.
Stuart Alderoty, a legal adviser for Ripple, also criticized the SEC for their unwillingness to clarify the rules for overseeing the industry, which has resulted in bankruptcies of cryptocurrency lenders and exchanges, causing investors to lose their money.