The Ripple XRP boss Brad Garlinghouse criticized the federal regulator’s decision to appeal the recent ruling.
At the end of the previous week, the SEC stated that Judge Torres’ decision regarding XRP’s sale to retailers did not require a security “review.” This was widely perceived as a signal of their intention to appeal the court’s ruling and extend the legal proceedings.
On July 23, Garlinghouse stated, “The SEC created this mess by proclaiming it was the agent on the crypto beat when it had no legal jurisdiction.”
Ripple’s CEO, has expressed concern over the lack of consumer protection provided by the US Securities and Exchange Commission (SEC).
He pointed out that while consumers suffer in bankruptcy court, the SEC chooses to prioritize media events.
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Garlinghouse argued that blaming judges for enforcing existing laws is unreasonable, emphasizing the need for clear legislation to safeguard the retail industry rather than relying solely on enforcement actions.
Many industry experts and US lawmakers support Garlinghouse’s views, stating that the SEC often enforces regulations beyond its jurisdiction.
However, SEC Chairman Gary Gensler expressed disappointment with a recent court ruling and affirmed the regulator’s commitment to continue enforcing actions against the crypto industry.
Following the favorable ruling, Ripple’s token, XRP, experienced a significant price surge, reaching a 15-month high of $0.95. However, the prices have since retreated, currently trading at $0.727, down 15% from the peak. Despite recent gains, XRP’s value remains volatile.
The situation underscores the ongoing tensions between crypto companies and regulatory bodies, with the question of consumer protection remaining a critical concern in the industry.