Ripple CEO Criticizes SEC for Creating This Mess

Vignesh Karunanidhi
Ripple Expands Crypto Services With Fortress Trust Acquisition
Source: Coindesk

A recent ruling by a US judge has determined that Ripple XRP should not be considered a security, thereby ending the legal dispute between XRP and the SEC. In response to this decision, the price of XRP experienced a significant rise, witnessing an immediate 30% increase in its value. Additionally, the positive news sparked increased trading activity for Ripple XRP, with trading volume surging by over 800% after the announcement.

Also read: Ripple XRP Leads Altcoin Market, Leaving Bitcoin Trailing Behind

In a recent series of tweets, Ripple CEO Brad Garlinghouse took aim at the Securities and Exchange Commission (SEC), highlighting the need for clear regulations in the crypto space to safeguard retail investors. Garlinghouse criticized the SEC’s handling of the matter, asserting that the agency’s actions have left consumers vulnerable and confused.

Garlinghouse says SEC created this mess

The first tweet centered on the SEC’s alleged overreach, stating, “An important topic has come up about protecting retail. He stressed that the SEC created this mess by claiming it was the cop on the crypto beat when it had no legal control or power. He also added that it led to a situation where consumers are left holding the bag in bankruptcy court while the SEC holds press conferences.

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In another tweet, Garlinghouse emphasized the importance of legislative clarity over regulatory enforcement. He wrote, “It’s absurd to blame a Judge for faithfully applying the law. We all know legislation – not more regulation by enforcement – is the only way forward to provide clear rules and protect retail.”