The post XRP Lawyer Weaponizes X Community Notes Against SEC Crypto Scam Alert appeared on BitcoinEthereumNews.com.

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…

---

Filed under: News - @ August 31, 2024 1:05 am