- Ripple Labs CEO has criticized SEC Chair Gary Gensler in a roundtable with industry and political leaders.
- Garlinghouse has led Ripple through close to 4 years of legal battle with the SEC, a case that might end soon.
In the latest Ripple news, Brad Garlinhouse, the CEO of Ripple Labs Inc took a jab at the Securities and Exchange Commission (SEC) on Wednesday. This update comes as the crypto market awaits a final verdict in the ongoing case between Ripple and the SEC.
Brad Garlinghouse Criticizes SEC and Gary Gensler
While speaking at a crypto roundtable, Garlinghouse criticizes the SEC’s Chairman, Gary Gensler for his crypto regulatory stance. The meeting was attended by prominent crypto figures like Mark Cuban, Paul Grewal, and Dante Disparte. The White House and key congressional leaders such as Senator Gillibrand and Republican Joe Neguse, were also present.
Thank you to @RoKhanna for being an exceptional leader and engaging with the crypto industry. This morning’s crypto roundtable, bringing together folks like @mcuban, @iampaulgrewal, @ddisparte, etc with the White House and key congressional leaders such as @SenGillibrand and…
— Brad Garlinghouse (@bgarlinghouse) July 10, 2024
During the discourse, Garlinghouse stated that the SEC’s crypto regulatory action by enforcement will stifle innovation in the US. The CEO blamed the Democrats and the present administration for perpetually enabling the SEC’s unlawful war on crypto. He noted that the Democrat’s approach to crypto led to the Republican Party announcing a pro-crypto stance.
“Gensler will go down as the Luddite of his time,” Garlinghouse stated. Describing Gensler as a Luddite is saddening as it is used for someone who is opposed or resistant to new technologies.
Garlinghouse went on to emphasize the importance of the next US election to the crypto industry and advised the community to choose wisely with their votes.
Notably, this is not the first instance of Garlinghouse tearing into Gensler and his agency. As noted in our earlier post in January, the Ripple CEO lambasted Gensler for his continued crackdown on the firm and the entire industry. Only time will tell if Garlinghouse would stop criticizing the agency.
Meanwhile, Garlinghouse faces a fresh civil trial over accusations of misleading statements, as previously mentioned in our report.
Investors Awaiting Final Verdict in the Ripple vs SEC Case
Ripple investors and the broader market eagerly await the conclusion of the Ripple vs SEC case, which began almost four years ago. There has been no activity related to the case since the filings relating to the Binance ruling. As discussed earlier, Judge Amy Berman Jackson dismissed the SEC case against Binance, which alleged that secondary sales of Binance Coin (BNB) qualified as securities under the Howey test.
Relying on the court’s decision on Binance, Ripple filed a Notice of Supplementary Authority of its case with the SEC. Ripple hoped this would influence the court’s decision on potential penalties, like the demanded $2 billion fine. In response to the filing, the SEC argued that Ripple’s case was inconsistent with its case with Binance, as previously mentioned.
These filings could be the last before Judge Torres announces the amount Ripple must pay for breaching US securities laws. Meanwhile, Ripple secured a partial victory in July 2023, when Judge Torres ruled that the sales of XRP on exchanges do not constitute securities.
As investors await what’s next in the Ripple vs SEC case, XRP is exhibiting an upward movement. XRP has surged by 2.3% in the last 24 hours, with its price set at $0.4513. The market cap and trading volume are pegged at $25 billion and $952 million respectively.
