SEC Commissioner Crenshaw strongly criticizes Ripple agreement, saying it ”creates a vacuum in investor protections”

SEC Commissioner Caroline Crenshaw expresses strong concerns about proposed settlement with Ripple
The agency warned that this could seriously undermine the SEC's legal credibility and ability to enforce cryptocurrency regulations.
The SEC and Ripple filed a joint agreement in a New York court on the 20th.
The court also requested that the injunction issued against Ripple in August 2014 be lifted and that Ripple return $75 million of the $125 million in civil penalties imposed on it.
In response, Commissioner Crenshaw said in a statement the same day that the proposed settlement could do significant damage to the SEC's legal status and investor protections.
"This agreement comes amid a gradual dismantling of the SEC's cryptocurrency enforcement program that has caused significant harm to investors and has been subject to court-ordered sanctions," Commissioner Crenshaw said.
"If these settlements and dismissals continue to pile up, the legal credibility of the SEC's legal team will be undermined," he warned.
Since the Trump administration, the SEC has been under the control of its predecessor, Gary Gensler.
Gensler, and has gradually backed away from the hard-line stance of the Chairman of the
In this climate, Crenshaw said the settlement nullifies existing court-granted investor protections and creates clear regulations.
"This agreement does absolutely nothing to help the investors and markets we are meant to protect. Instead, it leaves more questions open," he said.