Brad GarlinghouseChris LarsenCointelegraph.comregulationRippleSECsecurities law

Powers On… Why the SEC is not your friend (and how to deal with that)

A former SEC attorney argues that Ripple’s Brad Garlinghouse and Chris Larsen are being asked for documents that seem to demonstrate significant overreach.
Powers On… is a new monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an Adjunct Professor at Florida International University School of Law, where he teaches a course on ‘Blockchain, Crypto and Regulatory Considerations.’While I was in private law practice for 35 years, after serving for five years in the Security and Exchange Commission’s Division of Enforcement, I came to learn certain truths. Especially when a company and its officers were subject to SEC or other governmental investigations and enforcement proceedings. Over time, it was my awareness of these truths that saved many clients untold personal stress and, in many cases, financial ruin and government public actions against them. The litigation actions by the SEC in the Ripple enforcement proceeding highlight the need for conveying some simple truths regarding the SEC’s habit of overreaching as it pursues certain actions. When I was with the agency, the Staff in the Division of Enforcement mainly comprised lawyers and investigators trained in finance or formerly employed by brokerage firms and mutual funds. These were SEC “lifers” who, for any number of reasons, clearly planned to make a career in public service and generally had a reasonable approach to enforcement. They had seen the ebb …
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