XRP Lawyer Recalls Gary Gensler's 'Crypto Blueprint' Interview

Crypto Market News: In the wake of statements As 'the great Bitcoin buildup' has begun, traders have been digging into the past about how the US Securities and Exchange Commission (SEC) treated native cryptocurrency companies. This comes after the corporate bigwigs in the United States have suddenly switched gears when it comes to making the next big leap into the digital asset market. Major financial companies like BlackRock, Invesco, Fidelity Investments, Wisdom Tree, and Valkyrie Funds have jumped on the cryptocurrency bandwagon in a series of events.

Also read: The report of crypto participation in Fortune 100 companies will surprise you

These developments will undoubtedly create long-term ripple effects in crypto market, considering the massive reach these big players have in the mainstream financial world. For example, Blackrock alone manages the assets of hundreds of companies in all sectors and around the world.

The 'Cryptographic Plan'

John Deaton, the attorney representing XRP token holders in the Ripple Against SEC Lawsuit, recalled the old interview of SEC Chairman Gary Gensler, in which American investor Tim Draper speculated on what the possible plan for cryptocurrency adoption might be. Draper could be seen telling Gensler that the incumbents (banks) would initially sue crypto companies, then lobby the media and leverage government regulators to slow their progress before finally embracing the space. Therefore, Deaton indicated that Draper's prediction parallels the recent interest in cryptocurrencies from large corporations.

Sorry, but after watching, Blackrock, Fidelity, Citadel, Schwab and now Deutsche Bank all request #Bitcoin ETFs, spot exchanges, etc. just a few days after the SEC launched a TRO on Binance and sued Coinbase... how can you not think that the whole last year was one big inside job...

—Preston Pysh (@PrestonPysh) June 20, 2023