Arrington XRP Capital subpoenaed by the SEC again, says Michael Arrington

The Partner of Arrington XRP Capital, Michael Arrington announced on Twitter that they have been subpoenaed by the United States Securities and Exchanges Commission [SEC] for the second time. He said:

“We received a second subpeona from the SEC, again collecting information from us as investors in a U.S. company. The legal costs of dealing with these are not insignificant. We will not invest in any further U.S. deals until the SEC clarifies token rules. Pivot to Asia”

Michael further added that the United States has already been “left behind”. The cryptocurrency hedge fund firm which chose XRP as their primary cryptocurrency received their first subpoena in the month of March this year.

When the platform was first subpoenaed, Michael Arrington told CNBC that every cryptocurrency hedge fund firm he has spoken to received a subpoena by the SEC. He further stated that the SEC was “trying to figure out” what they want and the cryptocurrency market was “begging” the SEC to set rules for the market.

The Founder of TechCrunch claimed that the move by the SEC, however, resulted in several cryptocurrency companies moving offshore to carry out their business. He said, “the US has just frozen itself” and the cryptocurrency projects in Asia was high quality.

Recently, during an interview, Michael Arrington spoke about the SEC. He said that he prefers not having a regulation from the SEC. Michael further added that if there is going to be a regulation, it has to be right now and the SEC is currently very slow with making a move.

RJ Remien, a Silicon Valley veteran said:

“Unreal. The problem with tech in the U.S. was explaining it to people that run companies. Now that it involves money a whole new training program ensues. If they really want to enforce violations then remove the OTC market. More fraud than crypto.”

Progressive Earthling, a Twitterati said:

“I don’t get how most people can’t see that this is one big distraction during the largest transition of wealth in modern history: when legislation is ignored, essentially cutting citizens out of a blooming world market, this is an attempt at knocking the US down to “3rd world”.”

Adolfo Alvarez, another Twitterati said:

“This is the typical U.S arrogance when other countries are ahead and progressing and U.S is left behind.”