- The Ripple CEO criticizes the SEC for its negligence of the court’s XRP ruling.
- The SEC appealed to Judge Analisa Torres’ final judgment in the prolonged Ripple lawsuit.
- Brad Garlinghouse considers it as another shameful and alarming action from the SEC.
Ripple CEO Brad Garlinghouse has again voiced his opposition to the Securities and Exchange Commission’s (SEC) regulatory approach. Reacting to the SEC’s latest appeal in the XRP lawsuit, Garlinghouse criticized the agency for disregarding the court ruling. He accused the SEC of overstepping its legal authority and ignoring Judge Analisa Torres’s decision on XRP.
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Garlinghouse’s criticism follows Bitnomial’s lawsuit against the SEC, which focuses on XRP’s legal status. The SEC has classified XRP as a security, creating an obstacle for Bitnomial’s XRP futures contract.
After Bitnomial filed for XRP futures, the SEC cautioned the exchange, stating that XRP futures would be treated as security futures. Bitnomial pushed back, arguing that XRP is not a security and that its proposed XRP futures contracts shouldn’t be subject to the strict regulations applied to security futures.
A Legal Battle Reignited
This all started in 2020 when the SEC charged Ripple and its executives with selling unregistered securities. After a long fight, Ripple achieved a significant win when Judge Torres ruled that XRP was not a security. This victory was further amplified when Judge Torres reduced the SEC’s requested $2 billion penalty to $125 million. However, the SEC decided to appeal the ruling, a move that Ripple’s chief legal officer Stuart Alderoty called “disappointing, but not surprising.”
Read also: Ripple’s Legal Chief Raises Constitutional Alarm Over SEC’s Latest XRP Classification
In his latest response to the SEC’s actions, Garlinghouse said, “The SEC now believes it can operate above the law, ignoring a court’s ruling that XRP isn’t a security.” He sees this as another troubling action by the regulator. He also stated that the Ripple team would continue to monitor the agency’s strategies and take appropriate steps to hold them accountable.
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