The Ripple executive criticizes SECGov's actions, questions their motivation in protecting American investors
, Schwartz criticized the SEC's actions, suggesting that they may be motivated by incompetence or a desire to protect insiders and early investors.
"Unless you wanted to allow the founders, insiders, and early investors to profit and then shift much of the losses due to this litigation onto a large number of retail investors. I guess it could also just be incompetence that they didn't notice this sooner," he tweeted. His comments echo those made by Meta's former blockchain lead David Marcus who noted that even the top securities lawyers at major law firms don't know how it applies to many tokens.Some members of the XRP community also expressed disappointment with the industry's failure to stand together when Ripple was under fire, suggesting that the industry may now be weaker as a result.
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