The bitter struggle between ripple (XRP) and the US Securities and Exchange Commission (SEC) rages on. Ripple CEO Brad Garlinghouse has criticized the US regulator. According to him, the SEC is acting like a common bully.
The SEC is bullying crypto companies
In a interview with CNBC Garlinghouse lashes out at the SEC. According to him, the SEC actually has no leg to stand on in the lawsuit and they are trying to “regulate by enforcing” the crypto industry, as it were. This while according to Garlinghouse they are not legally authorized to do this at all.
“The SEC is trying to regulate through enforcement. That’s a super inefficient way to do this, as opposed to ‘let’s do the work, let’s clarify’.”
According to Garlinghouse, this way of working by the SEC is similar to actions by a bully. For example, according to the Ripple CEO, the SEC is going after crypto companies that do not have the money at all to enter a lengthy lawsuit and thus forces them to throw in the towel and pay a fine.
“I would like to give the SEC a reputation it deserves as a bully. A lot of players the SEC has gone after just folded their cards.”
The Ripple lawsuit
Ripple is not giving up easily, however. In its own words, after the lawsuit, the company will about $100 million paid court costs. These are amounts that crypto companies of a smaller size cannot of course just cough up.
Recently in the Ripple news to read that the lawsuit may be nearing an end. Both parties have asked the court to as soon as possible to come up with a statement. We don’t know yet what that statement will be.
On Twitter we asked our followers what they expect the outcome of the lawsuit to be. A majority of 57.3% expect Ripple to walk away with the profits.
The #Ripple (#XRP) exchange rate reacted strongly to the news that the infamous lawsuit with the #SEC possibly the end is approaching.⚖️ What do you think? Is Ripple going to win here?
— Crypto Insiders (@CryptoinsidersS) September 23, 2022
