Ripple CEO slams American securities regulator & says they created a mess

On Jul 24, 2023

Brad Garlinghouse responded against the rumors that the American securities regulatory body may appeal against the court ruling in the XRP lawsuit.

Ripple is a San Francisco headquartered fintech firm. In Dec 2020, the United States Securities Exchange Commission (SEC) sued Ripple because of its business activities with the XRP coin. As per SEC’s purview, the nature of the XRP coin & Ripple’s business was suspicious. Just a couple of weeks ago, the court judge ruled in favor of the Ripple firm.

As per reports, the SEC body is planning to appeal against the court ruling. That means the SEC agency wants to restart the case again and prove that the nature of XRP coin is “security”.

In response, Ripple CEO Brad Garlinghouse said that the SEC body sued Ripple and claimed that they aimed to save the retail investors.

Ripple CEO also noted that Ripple the SEC agency took action against Ripple & challenged the nature of XRP coin, by going outside the authority, and opposite to the duty they left the crypto investors in the bag of bankrupt crypto companies.

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An important topic has come up about protecting retail. The SEC created this mess by proclaiming it was the cop on the crypto beat when it had no legal jurisdiction Where’s that gotten us? Consumers left holding the bag in bankruptcy court while the SEC holds press conferences.
— Brad Garlinghouse (@bgarlinghouse) July 22, 2023

Furthermore, Garlinghouse said that the court judge ruled in the XRP lawsuit on behalf of the rules & laws faithfully, so it will not be better to appeal in this case and the SEC body should understand this thing.

In the present time, almost every crypto project & crypto company is confident that they will get better favor in the court fight if the SEC body will sue, just like SEC sued Ripple & lost the case in court.

Recently the SEC official said that no crypto company should think that they will be able to use the XRP court ruling in their cases and also said the victory of Ripple in the XRP lawsuit doesn’t mean that XRP coins like crypto tokens are commodities.