In a Twitter rant this Saturday, Ripple chief Brad Garlinghouse once again shared his discontent with the United States Securities and Exchange Commission (SEC), regarding the commission’s priorities, indicating that the SEC’s number one concern is not for the good of the American people.
In response to a tweet from a user who observed that the Ripple CEO was using foul language more frequently in his conversations regarding the SEC’s case, Garlinghouse made this declaration, claiming that “we should all be outraged” about the SEC’s handling of crypto assets.
“There is no regard for those companies and people that this approach has harmed,” Garlinghouse said on Twitter. “We all should be outraged – The SEC has clearly forgotten that the government works for the people.”
The reasoning for the tweets is the fact that Garlinghouse’s Ripple is currently in a legal battle with the SEC.
On December 22, 2020, the SEC filed a lawsuit against Ripple Labs, Inc. and two of its executives. The SEC accuses the cryptocurrency company failed to register the token XRP with the SEC or satisfy an exemption from registration, which would mean that the defendants had violated federal securities laws.
Ripple said that since XRP is not a security, it did not break SEC guidelines. Garlinghouse stated that his firm was targeted for scrutiny following the case. He went on to say that the regulator “shouldn’t be able to cherry-pick what innovation looks like.”
Lawsuit Updates
The lawsuit has been ongoing for the last two years.
Since then, Ripple has earned a number of “small victories” in its continuing case against the SEC.
The court recently ruled in favor of the crypto business, ordering the commission to let go of former Director William Hinman’s comments regarding Ethereum.
Amicus papers filed by two third companies (I-Remit and TapJets) that leverage Ripple’s blockchain technology for their operations was also authorized by Judge Analisa Torres.
Meanwhile, XRP’s price has risen as a result of recent victories. The digital currency has increased by 46% in the previous 30 days. However, its value has dropped to $0.4830 on the seven-day metrics as of press time.
The case is nearing completion after over two years of ongoing accusations. Garlinghouse anticipates a decision in the first quarter of 2023.
While the crypto community is generally enthusiastic about Ripple’s chances, Garlinghouse has previously stated that a loss would have minimal influence on the company’s present operations because 95% of its clients are not based in the United States.
