Ripple’s CEO Brad Garlinghouse Criticizes SEC and Twitter
Ripple CEO harshly criticizes Twitter
Ripple, the company behind the popular coin XRP, has been involved in a lawsuit with the Securities and Exchange Commission (SEC) for several years. The SEC alleges that Ripple violated the law by selling XRP without a license. However, the court decided that XRP is not a security if it is sold on crypto exchanges, granting Ripple a significant victory. In response, Ripple CEO Brad Garlinghouse took to Twitter to express his frustrations with the SEC’s actions.
“An important point about protecting retail has been raised. The SEC has caused this chaos by proclaiming that they were the policeman of the crypto industry when they had no jurisdiction to do so. How far has that taken us? Investors are now left empty-handed in bankruptcy courts as the SEC continues to hold its press conferences.”
– Brad Garlinghouse (@bgarlinghouse) July 22, 2023
SEC Has Difficulty Formulating Opinion After XRP Result
In response to the criticism, Brad Garlinghouse further explains his position, stating that it is absurd to criticize a judge for following the law fairly. He believes that legalization, rather than forced regulation, is the key to ensuring clear rules and protection. Garlinghouse’s clear stance differs from SEC Chairman Gary Gensler, who has yet to formulate the SEC’s opinion on the ruling in the Ripple lawsuit. Gensler expressed disappointment with the ruling but reassured that the SEC will continue to protect American citizens.
It is evident that Ripple’s CEO Brad Garlinghouse strongly opposes the actions of the SEC and believes that the SEC has overstepped its boundaries. In contrast, the SEC is still grappling with formulating its opinion on the outcome of the XRP lawsuit.