Ripple CEO Brad Garlinghouse: "The SEC Created This Mess"
Brad Garlinghouse lambasted the SEC for his "absurd" comments on the Ripple Labs case.
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Ripple CEO Brad Garlinghouse has condemned the US securities regulator for recent comments by his lawyers that hint at a possible lawsuit against Ripple.
In a July 23 tweet, Garlinghouse criticized the regulator for its "regulation by enforcement" approach, saying it had only served to harm retail investors.
“The SEC created this mess by proclaiming it was the cop on the crypto beat when it had no legal jurisdiction,” Garlinghouse wrote in a July 23 tweet. "Where did that get us? Consumers left the bag in bankruptcy court while the SEC holds press conferences,” he added.
An important topic has been raised regarding the protection of retail trade. The SEC created this mess by proclaiming it was the cop on the crypto beat when it had no legal jurisdiction. Where has this got us? Consumers left the bag in bankruptcy court while the SEC holds press conferences.
— Brad Garlinghouse (@bgarlinghouse) July 22, 2023Garlinghouse's criticism came in response to the SEC's latest round of comments regarding Ripple, where the regulator hinted it would appeal the split decision against Ripple Labs.
On July 21, the SEC used its pending case against Terraform Labs founder Do Kwon to raise concerns about the ruling that retail sales of XRP (XRP) on exchanges did not constitute the legal definition of a security.
“Respectfully, these parts of Ripple were ill-decided, and this Court should not follow them,” the SEC attorneys wrote, arguing that these XRP sales should have been considered securities.
"The SEC staff is considering the various avenues available for further review and intends to recommend that the SEC request such review," they added.
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Brad Garlinghouse lambasted the SEC for his "absurd" comments on the Ripple Labs case.
News
Join us on social networks
Ripple CEO Brad Garlinghouse has condemned the US securities regulator for recent comments by his lawyers that hint at a possible lawsuit against Ripple.
In a July 23 tweet, Garlinghouse criticized the regulator for its "regulation by enforcement" approach, saying it had only served to harm retail investors.
“The SEC created this mess by proclaiming it was the cop on the crypto beat when it had no legal jurisdiction,” Garlinghouse wrote in a July 23 tweet. "Where did that get us? Consumers left the bag in bankruptcy court while the SEC holds press conferences,” he added.
An important topic has been raised regarding the protection of retail trade. The SEC created this mess by proclaiming it was the cop on the crypto beat when it had no legal jurisdiction. Where has this got us? Consumers left the bag in bankruptcy court while the SEC holds press conferences.
— Brad Garlinghouse (@bgarlinghouse) July 22, 2023Garlinghouse's criticism came in response to the SEC's latest round of comments regarding Ripple, where the regulator hinted it would appeal the split decision against Ripple Labs.
On July 21, the SEC used its pending case against Terraform Labs founder Do Kwon to raise concerns about the ruling that retail sales of XRP (XRP) on exchanges did not constitute the legal definition of a security.
“Respectfully, these parts of Ripple were ill-decided, and this Court should not follow them,” the SEC attorneys wrote, arguing that these XRP sales should have been considered securities.
"The SEC staff is considering the various avenues available for further review and intends to recommend that the SEC request such review," they added.
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