Ripple CEO Criticizes SEC for Dismissing XRP Ruling, Accuses Overreach
Ripple CEO Brad Garlinghouse has ramped up his criticism of the SEC, accusing it of ignoring a court ruling that found XRP is not a security and of overstepping its legal authority.
His remarks follow Bitnomial Exchange’s lawsuit against the SEC, which contests the agency’s claim of jurisdiction over XRP futures, arguing that the Commodity Futures Trading Commission (CFTC) should have sole oversight.
Garlinghouse expressed his frustration on social media, calling the SEC a “renegade agency” that believes it can operate above the law. This legal challenge adds to the mounting tensions between cryptocurrency firms and the SEC, as many in the industry feel the regulator’s actions stifle innovation and exceed its statutory limits. Ripple itself faces ongoing legal battles with the SEC, stemming from a lawsuit that alleges it conducted an unregistered securities offering by selling $1.3 billion in XRP.
Clever Robot News Desk 15th October 2024
