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Laxman Pai, Opalesque Asia: The Partner and founder of the digital asset management firm Arrington XRP Capital, Michael Arrington has posted on Twitter that his investment fund has received a subpoena from the U.S. Securities and Exchange Commission (SEC), for a second time.
"Arrington XRP Capital will no longer be investing in U.S. crypto projects, until the commission gives more clarity about the law," he tweeted.
He added: "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."
In a follow-up tweet he also noted that Lichtenstein is a country he may look toward.
Outraged by the decision of the SEC to crackdown on local companies and investment companies, Arrington added: "the U.S. has already been left behind." He said that U.S was seeing a slow innovation in comparison to Asia.
The cryptocurrency hedge fund firm which chose XRP as their primary cryptocurrency received their first subpoena in the month of March this year. CNBC then quoted Michael as saying that the SEC had subpoenaed every other hedge fund that he had checked with, and he claimed that the SEC was on this hunt to "figure out" what they want.
Arrington has been unhappy about the SEC's treatment of cryptocurrencies, saying that their unhurried approach to legislation is slowing down progress of what is the most important technological innovation since the Inter...................... To view our full article Click here
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