Former SEC director and securities litigation specialist Marc Fagel has resorted to social media to provide what may be referred to as “free legal wisdom” to XRP investors and users of the troubled cryptocurrency exchange FTX. The counsel is given in light of a lawsuit that the exchange’s new management has brought against Sam Bankman-Fried’s parents in an effort to recoup millions of dollars that were allegedly misused.
According to reports, Bankman received large financial gifts from Alameda, while Fried was heavily involved in the company’s political activities and received millions as payment.
CryptoLaw published a piece in reaction to these events that criticised the SEC’s goals. The article implied that the SEC, under Chairman Gary Gensler’s direction, had devoted substantial resources to targeting XRP holders, Ripple, LBRY, and Coinbase, while letting well-connected people get away with their crimes until they gained widespread notice.
https://x.com/Marc_Fagel/status/1704274051290853428?s=20
Fagel added to the discussion by advising against purposefully dodging SEC monitoring, depending on his vast knowledge in securities law. He mockingly noted that participating with unregistered organisations in the cryptocurrency field might result in legal repercussions, which is precisely what FTX users and XRP holders have faced.
Fagel emphasised that for the majority of firms, such compliance is not an option when questioned whether it is wise for corporations to interact with the SEC. He also highlighted that if required, the regulator might issue a subpoena if there is no cooperation from the corporation.
