Michael Arrington Drops F-Bomb to SEC in Bold Retort about Crypto Hodlbacks
Michael Arrington Drops F-Bomb to SEC in Bold Retort
Former Co-Founder at TechCrunch's highly intelligent and very respected Michael Arrington has stated that SEC is full on F***ing the entire cryptocurrency industry. Arrington, also co-founder of Arrington XRP Capital recently made comments at a conference called TechCrunch Disrupt. Arrington is highly active in the cryptocurrency industry and has no plans to leave. He left his former job at TechCrunch since his true interest was blockchain and crypto technology.
He was asked to speak with Ripple's Brad Garlinghouse about the future of cryptocurrency and he ended up going off on a tear about the SEC and how they have wronged him in the past. He said:
“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.”
He’s not exactly what you’d call thrilled about the government in general, commonly referring to himself as a libertarian – also feels that the SEC is screwing crypto-users in every way. Lack of regulation and government oversight is limiting the current adoption rate of cryptocurrency. Arrington went on to say:
“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’s chosen regions outside of the United States because of their notably forward movement when it comes to regulations on crypto. Investing in crypto in other countries is much safer than it is here in the USA because the USA tends to leave traders with too much uncertainty. The United States also has other issues investors must deal with like taxes and other government regulations.
Areas like Singapore and Israel are at the top of the list for trading; the SEC is so far behind they can’t keep up with these countries. Arrington said:
“Do you realize you’re single-handedly wrecking the next stage of technology development and how do you feel about that.”
He feels that the next phase of technology [cryptocurrency and blockchain] are effectively being limited by the United States' ability to develop a set of regulations everyone can understand and follow.
The former co-founder of TechCrunch is also created CrunchFund, a highly successful venture capitalist firm which he was asked why he had left and if it was on good terms. He said:
“Everything is fine. I wanted to do crypto, my partners didn’t. I believe in this, obviously.”
Stating he feels that his interest in crypto far outweighed his interest in the venture capital game.
“It’s younger, fresher, more interesting. The VC game has gotten very very tiring. Crypto moves very quickly. It’s a lot of fun.”
What do you think about the SEC’s actions towards cryptocurrency and Arrington's comments? It seems there were a few on twitter that did not like what he had to say. Leave your answers in the comment sections below.
Michael Arrington came across like a potty-mouthed frat boy who didn't know when to shut up.
— CBCI⚡️🇦🇺 (@CraigBrien1) September 5, 2018
— 🇺🇸Nicklaus🇺🇸 (@NicklausScheetz) September 5, 2018
@arrington dude what the hell man?!! This interview bombed
— Out of Context Group 🌇 (@OutofContextGRP) September 5, 2018