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Arrington to the SEC: “You’re single-handedly f***ing” the cryptocurrency industry

Anirudh VK

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Arrington to the SEC: "You're single-handedly f***ing" the cryptocurrency industry
Source: Unsplash

Michael Arrington, the former co-Founder of TechCrunch and partner at Arrington XRP Capital, recently appeared on the TechCrunch Disrupt conference to speak about the United States Securities and Exchanges Commission.

As a fund manager who has promised to “devote the next 10 years” of his life to cryptocurrency and blockchain, Arrington was asked to speak about the SEC. He related an incident related to the issue, stating:

“Aw, f***ing SEC. I invested in a company as a private person last year, not as a fund, and they sent me a subpoena. and it was literally accusing me of crime. The CEO of the company had spoken at a TechCrunch conference years after i left TechCrunch, [and] I had to spend $30000 to get them to f*** of.”

Arrington went on to say that he was libertarian and that he does not like the government in general. He also mentioned later that he felt very strongly about the issue at hand, stating that he was irate as the SEC was “single-handedly f***ing” the industry in the United States. He stated:

“80-90% of our investments are in Asia, Europe and Israel right now because they’re actually countries where there’s regulatory certainty that entrepreneurs feel safe starting token companies or blockchain companies. Here they dont, theres so much regulatory uncertainty.”

He went on to say that there were added burdens to whoever decided to start a company in the United States, such as the tax and visa burdens along with the views of the federal government on immigration. He said:

“They’re staying in Singapore or Israel or Europe instead of coming here and starting companies. The SEC needs to get their act together.”

Moreover, he said that if an SEC official were to come on stage and speak at the conference, he planned to ask them:



“Do you realize you’re single-handedly wrecking the next stage of technology development and how do you feel about that.”

After leaving TechCrunch, Arrington proceeded to enter the Venture Capitalist game through his fund known as CrunchFund. He was also questioned on this, and whether he left that fund on good terms. Arrington stated:

“Everything is fine. I wanted to do crypto, my partners didn’t. I believe in this, obviously.”

Moreover, he stated that he was tired of the environment in the VC space, adding that there were “all new players” in the cryptocurrency space. He stated:

“It’s younger, fresher, more interesting. The VC game has gotten very very tiring. Crypto moves very quickly. It’s a lot of fun.”





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

XRP

XRP shorts overtake XRP longs as USD shorts increase 85 percent on April 17

Akash Anand

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XRP shorts overtake XRP longs as USD shorts increase 85 percent on April 17
Source: Pixabay

The cryptocurrency market’s volatile behavior was reflected in the ‘buy-in and sell’ sentiments. Despite the bear market taking over again, analysis of the market shows that there are some silver linings. XRP, the third largest cryptocurrency in the market, has not had a fantastic start to 2019 and this was even shown during the recent bullish spike.

XRP was one of the worst performers among the top 10 club at a time when some of the other currencies saw double-digit gains and Bitcoin [BTC] broke the $5000 barrier. New analysis, though, points to the fact that there has been a significant rise in XRPUSD longs on Bitfinex, some even registering record gains. Reports from BehindtheLedger stated that:



“Some are discussing record high XRPUSD longs on Bitfinex. It’s good to look at the ratio of shorts to longs (or vice versa if you prefer) rather than just the longs though. Doing so reveals that shorts have increased more than longs in the past few days.”

At a time when the XRP shorts are on a high, the USD shorts were up by a massive 85 percent on April 17. The analysis from behindtheledger also admitted:

“This isn’t a price prediction and frankly, this indicator probably isn’t reliable

But it’s always good to look at both sides of the equation.”

XRP’s trade has been majorly influenced by developments in its realm with the last major claim coming from Coincheck as the organization provided over-the-counter trading support for Ethereum and XRP on its platform. The exchange had announced:

“ETH XRP has been added to the target currency for large OTC transactions! We are pleased to announce that ETH and XRP have been newly added as target currencies at the Large OTC Trading Service, which has started on April 1, 2019.”





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