Ripple has been in and out of the doghouse multiple times due to the SEC’s breakdown on crypto, but it has always come back stronger. Brad Garlinghouse, Ripple’s CEO, has highlighted the need for clear, consistent policies to enable the crypto industry’s growth and creativity, citing a mismatch between SEC Chair Gary Gensler’s remarks and the agency’s actions.
Ripple CEO’s Appeal
The SEC announced its plan to amend its lawsuit against Binance, which could offer temporary relief to the assets under investigation. Due to regulatory uncertainties, they have previously faced intensive scrutiny and delisting from trading platforms.
Garlinghouse tweeted, “More evidence of SEC hypocrisy. Chair Gensler testifies the rules are clear, yet his SEC can’t figure them out and applies them haphazardly, festering more industry confusion. A political agenda and/or bad faith litigation tactics. Def not a “faithful allegiance to the law.”
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Ripple’s supporter, lawyer, Jonh Deaton, adds, “This is further evidence that @GaryGensler should resign immediately. In the @Ripple case, I was forced to sue the @SECGov and file a Motion to Intervene in order to protect retail investors. In that case, I argued Gensler and the SEC were violating 76 years of established case law.”
This is further evidence that @GaryGensler should resign immediately. In the @Ripple case, I was forced to sue the @SECGov and file a Motion to Intervene in order to protect retail investors. In that case, I argued Gensler and the SEC were violating 76 years of established case… https://t.co/KqOl9PHZM4
— John E Deaton (@JohnEDeaton1) July 30, 2024
Stuart Alderoty, XRP’s Chief legal representative, says, “When a judge signals B.S. on the SEC’s claim that 10 tokens on Binance are securities, the SEC says “never mind.” But these tokens are left out to dry in the Coinbase suit. This isn’t how to regulate.
This criticism comes amid Ripple’s ongoing legal battle with the SEC. The SEC accuses the company of raising $1.3 billion through the sale of XRP, which the SEC also claims is an unregistered security.
Judge Analisa Torres ruled partially in Ripple’s favor last year, noting that some XRP sales did not violate securities laws due to their nature. Other sales to institutional investors, however, were classified as securities.
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