Ripple’s CEO Brad Garlinghouse blasted the SEC, accusing it of creating a “mess” by declaring itself the “cop on the crypto beat when it had no legal jurisdiction.”
Ripple CEO Brad Garlinghouse took to Twitter today to defend Judge Torres’ recent decision, which declared that Ripple’s sale of its XRP token did not constitute a sale of securities.
Ripple’s chief further blamed the SEC for creating the “mess” surrounding crypto regulation when it had no right to do so.
Garlinghouse Speaks Out Against SEC
Ripple’s partial victory against the SEC has been celebrated by most of the industry but has seen some backlash from the naysayers. Judge Analisa Torres ruled on July 13 the XRP token, concerning retail sales on digital asset exchanges, is not necessarily a security. Torres, however, did rule that XRP qualifies as a security under the Howey Test when sold to institutional investors.
At the time of the ruling, Garlinghouse commented that institutional sale represents “the smallest piece” of the suit and believes if the SEC decides to appeal the decision regarding retail sales, it would only “solidify” Torres’ decision. Garlinghouse further labelled the SEC a “bully” for targeting “weak players” in the industry without the necessary resources to build a strong defence.
The Ripple CEO continued his criticism of the agency in defence to retail consumers. He said:
“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.”
In the same thread, Garlinghouse defended Judge Torres’ application of the law, emphasizing “legislation – not more regulation by enforcement – is the only way to provide clear rules and protect retail.”
It’s absurd to blame a Judge for faithfully applying the
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Author: Jana Serfontein
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