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Ripple boss out frustrations over financial watchdog after XRP lawsuit

This Ripple feature is used by three major Japanese banks

Ripple’s CEO, Brad Garlinghouse, has expressed his frustrations over the “chaos” that the Securities and Exchange Commission (SEC) according to him has caused. The American financial watchdog sued Ripple at the end of 2020 and, according to Garlinghouse, has gone far beyond the book under the guise of “investor protection”.

Ripple CEO harshly criticizes Twitter

Ripple, the company behind the popular currency XRP, has been embroiled in a lawsuit with the SEC for several years. According to the SEC, Ripple allegedly broke the law by selling XRP without a license. A company needs a license toeffects‘, which is XRP according to the SEC.

However, the oversight judge Torres decided that this was not the case. According to the court, XRP is not a security if the token is sold on crypto exchanges. Ripple takes a big win with that statement. Ripple CEO Garlinghouse therefore took his time on Twitter to criticize the actions of the SEC recently.

“An important point about protecting retail has been raised. The SEC has caused this chaos by proclaiming that they were the policeman of the crypto industry when they had no jurisdiction to do so. How far has that taken us? Investors are now left empty-handed in bankruptcy courts as the SEC continues to hold its press conferences.”

SEC Has Difficulty Formulating Opinion After XRP Result

He follows that criticism with a kick by responding to his own message. In that response he writes:

“It is absurd to criticize a judge for following the law fairly. We all know that legalisation, not forcing regulation, is the only way to ensure clear rules and protection.”

With that, the Ripple boss leaves a clear position on what he thinks of the ruling and the SEC. SEC Chairman Gary Gensler did not have the same clear position. The chairman said the SEC’s opinion on the ruling in the Ripple lawsuit yet to formulate. He himself was disappointed with the ruling, but said that the SEC would continue to protect American citizens.

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