John Reed Stark, who had worked as a lawyer in the SEC’s enforcement division for a long time, admitted that the SEC’s actions in the XRP lawsuit led to investors losing in billions of dollars. He expressed his stance on crypto saying these tokens fail to fit in the criteria for both investment and currency, adding that fraudulent activities are deeply rooted in the ecosystem, However, he agreed that investors lost great deal due to the SEC’s actions in the Ripple lawsuit. When asked about the SEC’s actions leading to wiping billions off the market cap of XRP, he admitted that it’s a fair point.

“In the end, the investor is the one who typically gets it the worst, which is devastating.”