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Cryptocurrency News Articles
Ripple Labs Inc. CEO Brad Garlinghouse is one of the major critics of regulation by enforcement tactics of the United States Securities and Exchange Commission (SEC).
Oct 14, 2024 at 02:45 am
Recently, Garlinghouse took to Twitter to slam the regulator following the latest Notice of Appeals filed by the regulator in its legal battle against the firm.
Ripple Labs Inc. CEO Brad Garlinghouse is continuing his campaign against the United States Securities and Exchange Commission (SEC) over its regulation by enforcement tactics.
Recently, Garlinghouse took to Twitter to slam the regulator following the latest Notice of Appeals filed by the SEC in its legal battle against the blockchain payments firm.
The strain between Ripple Labs and the SEC began in December 2020 when the regulator filed a lawsuit against the firm, alleging that it sold XRP as securities to investors. As the case progressed, the securities sale claims became distinguished for retail and institutional investors.
In a July 2023 ruling, Judge Analisa Torres declared that the sales of XRP on secondary trading platforms do not constitute securities offering. While this marked a partial victory for Ripple Labs, the Judge said the company violated Federal laws when it sold the coin to institutional investors.
Following this, both parties entered a long settlement hearing, with Judge Torres fining Ripple $250,000 a day for late discovery responses, as previously reported by Crypto News Flash. While many thought the lawsuit would end here, the regulator’s appeal has effectively elongated the process.
Commenting on this, Garlinghouse said the regulator is not interested in faithfully applying the rule of law. He said if the SEC cared about the law, “they would accept their loss and move on.”
As I said earlier this month, if Gensler and the SEC cared about the rule of law, they would accept their loss and move on. But they are not interested in faithfully applying the law or in providing clarity to industry players in the US. Under Chair Gensler, the agency is only… https://t.co/hFlkXw83s8
— Brad Garlinghouse (@bgarlinghouse) October 10, 2024
He further slammed the regulator under Chairman Gary Gensler as a commission only interested in creating havoc. He said under the current market condition, the regulators are not concerned whether “US innovation and technology be damned.”
The Ripple Labs Cross-Appeal
As Ripple Labs remains committed to fighting the market regulator head-on, the firm has officially filed a cross-appeal against the SEC. Commenting on this, the Ripple CEO said the firm is finally moving to end the SEC’s regulation-by-enforcement agenda.
The timeline for any potential hearing is not defined, but the community’s speculation on what will happen next has grown. Pending when more clarity will come, Ripple’s Chief Legal Officer (CLO) Stuart Alderoty said that with this cross-appeal, nothing will be left on the table.
“The SEC lost on all key points—that’s why they appealed. Today, Ripple filed a cross-appeal to ensure nothing’s left on the table, including the argument that there can’t be an ‘investment contract’ without there being essential rights and obligations found in a contract,” the Ripple CLO said.
Beyond Ripple Labs, more crypto firms have sued the US SEC since the start of October. First, Crypto.com sued the commission, alleging it exceeded its jurisdiction when it declared all cryptocurrency investment contracts.
Bitnomial is also challenging the SEC’s claims that its proposed XRP Futures product might constitute an investment offering.
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