Pro-XRP lawyer Jeremy Hogan has argued that the U.S. Securities and Exchange Commission (SEC) could be unwilling to relinquish its regulatory powers over the crypto industry.
Hogan’s sentiment comes amid a disclosure that the U.S. Congress now seeks to step into the crypto space, thereby limiting the authority of the SEC. “The SEC are no Hobbits,” the attorney submitted, implying that the agency would not be humble enough to let go of their power.
It takes a humble and pure spirit to voluntarily relinquish power.
That's why Gandalf entrusted the ring of power to the Hobbits.
The SEC are no Hobbits.
— Jeremy Hogan (@attorneyjeremy1) November 21, 2023
U.S. Congress Limiting SEC’s Powers Over Crypto
In particular, the lawyer’s remark follows a recent statement from Hester Peirce, the SEC commissioner, about the U.S. Congress considering a more prominent role in regulating cryptocurrency.
Peirce mentioned that Congress’ move into the crypto market indicates that the SEC would lose most of its regulatory authority over the industry.
Meanwhile, prior to this conclusion, Peirce lamented the SEC’s failure to provide timely guidance for the crypto space. She criticized the prevailing “wait and see” approach the SEC adopted, asserting that it led to enforcement actions in an arbitrary manner.
Emphatically, the SEC commissioner highlighted the missed opportunities where the SEC could have provided rules or guidance to assist businesses in navigating the intersection of their activities with securities laws.
In this context, she acknowledged the current challenge with Congress’ planned involvement in the crypto industry. She believes it would make it more difficult for the SEC to take decisive actions.
In her words:
“Now we’re in a bit of an awkward position because Congress has expressed a clear interest in stepping into this space and has suggested that maybe the SEC will not be the primary regulator for much of this stuff. And so it’s a little bit harder to do now.”
Pro-XRP Lawyer Reacts
On the other hand, lawyer Jeremy Hogan offered his perspective on the potential of the SEC’s weakened power of the crypto. He drew an analogy to the iconic fantasy series “The Lord of the Rings.”
In his commentary, Hogan remarked:
“It takes a humble and pure spirit to voluntarily relinquish power. That’s why Gandalf entrusted the ring of power to the Hobbits. The SEC are no Hobbits.”
Notably, Hogan suggests humility and a selfless spirit are essential when dealing with power. Hogan’s analogy implies that the SEC, unlike the Hobbits, may not be characterized by a similar inclination toward humility and voluntary relinquishment of power.