David Schwartz, chief technology officer at San Francisco-based Ripple, took a stand Unveiled holes at the US Securities and Exchange Commission (SEC) in his social media post.

He said: “Happy Christmas to everyone who opposes regulation through implementation.”

Ripple has been at the forefront of the cryptocurrency industry's long-running battle against the Securities and Exchange Commission.

The agency's controversial "regulation by enforcement" strategy has drawn backlash from industry leaders.

As reported by U.Today, Ripple CEO Brad Garlinghouse criticized SEC Chairman Gary Gensler, calling him “an outsider of his time.”

Last month, Schwartz strongly criticized the so-called Chokepoint 2.0 operation that was allegedly aimed at breaking up cryptocurrency companies.

He argued in favor of ending all indirect regulation, arguing that it was easy to pressure banks to stop unfavorable business. He believes the government "should go through the appropriate lawmaking process" if it wants to ban certain businesses.

Earlier, Schwartz criticize Securities and Exchange Commission (SEC) for failing to come up with clear regulation of cryptocurrencies.

"Obviously the SEC can't tell you what the rules are. If it does, it will comply with them," he said in response to the SEC's lawsuit against Coinbase.

However, Ripple and the broader cryptocurrency industry have emerged victorious. As reported by U.Today, Gensler confirmed that he will leave the agency in less than a month, and Paul Atkins, a pro-crypto liberal, has been nominated to replace him.

Furthermore, Carolyn Crenshaw and Jaime Lizarraga, two anti-crypto commissioners, will also be leaving the agency.