Belshe has declared support for Ripple in the ongoing SEC lawsuit.
With the SEC vs. Ripple lawsuit expected to come to an end at any moment, Mike Belshe, CEO of California-based crypto exchange BitGo, has thrown his weight behind the leading blockchain company.
Over the weekend, Belshe noted that a victory for Ripple in the SEC lawsuit is also a win for the entire cryptocurrency industry.
“A win for @ripple is a win for the whole industry,” Belshe remarked.
Belshe made the assertion in response to a video by Ripple CEO Brad Garlinghouse regarding the recently-released Hinman’s documents and the SEC’s refusal to provide clarity for XRP.
A win for @ripple is a win for the whole industry. https://t.co/8KTqzf0Vfu
— Mike Belshe (@mikebelshe) June 16, 2023
Crypto Community Support Ripple Amid SEC Crackdown
It is worth noting that several crypto players also share the same sentiment. For most crypto enthusiasts, a win for Ripple will pave the way for clear crypto regulation, which could end the SEC’s ongoing crackdown.
The SEC is not planning to stop its enforcement actions against cryptos anytime soon. As reported, the agency filed two separate lawsuits against two of the world’s largest crypto exchanges by 24-hour trading volume- Binance and Coinbase. Notably, the SEC labeled over 15 cryptocurrencies as securities in the lawsuits.
As the SEC continues its crackdown against cryptos, no one knows which crypto business will be the next recipient of the commission’s enforcement action.
Bitcoin Maxi Slams BitGo CEO for Supporting Ripple
Meanwhile, Belshe’s comment did not sit well with some Bitcoin maxis. A BTC proponent named Mitch slammed the BitGo CEO for supporting Ripple Labs in its case against the SEC.
The user noted that he once liked BitGo. However, he speculated that BitGo would be the next exchange to file for bankruptcy.
In response, Belshe noted that the SEC is coming for all of crypto, regardless of anyone’s crypto flavor. He urged Mitch and other pro-BTC supporters to choose their enemies wisely.
Whatever your crypto flavor is (BTC, eth, xrp, etc), they are coming for it. Choose your enemies wisely.
— Mike Belshe (@mikebelshe) June 17, 2023
As expected, the user stated that “Bitcoin is not crypto,” which attracted other BTC enthusiasts to join the debate. Another BTC enthusiast named BTCBello said Bitcoin is powered by electricity and protected by cryptography. He further called on a top Bitcoin fan Adam Back to expound more on the matter.
According to Back, Bitcoin not being crypto is more about its decentralization model. He noted that crypto now means “cryptocurrency” more than “cryptography.”
Furthermore, Back said centralization is endemic in alts, adding that many altcoins (alternative cryptocurrencies) are securities.
Ripple Win Will Enable Positive Crypto Regulation
Responding to Back’s assertions, Belshe said Bitcoin was also seen as centralized in its early days, especially between 2009 and 2012. Per Belshe, although Bitcoin had the vision of becoming decentralized, regulators could have labeled it a security in its early days.
He stated that the fact that he desires Ripple to win its case against the SEC has nothing to do with his love for XRP but to create positive changes to the crypto regulatory environment.
In 2009-2012, Bitcoin was centralized too. While it had visions of decentralization, it could have easily been labeled a security at that time.
My desire for Ripple to win is not for a love of XRP, but to enable regulatory change would have accommodated innovation like Bitcoin.
— Mike Belshe (@mikebelshe) June 17, 2023
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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