The ongoing saga between Ripple and the SEC took a fiery turn as Ripple CEO Brad Garlinghouse took aim at the agency and its Chair, Gary Gensler, at a recent White House crypto roundtable. This development comes as the crypto market awaits the final verdict in the high-profile lawsuit.
Garlinghouse Blames SEC for Stifling Innovation
At the roundtable, attended by industry leaders and key government officials, Garlinghouse criticized the SEC’s approach to crypto regulation. He argued that the agency’s enforcement-heavy stance stifles innovation within the US, potentially hindering its competitive edge in the global crypto space.
He went further, placing blame on the current administration and the Democratic party for what he perceives as their enabling role in the SEC’s “unlawful war on crypto.” This criticism was met with a surprising development: the recent announcement by the Republican party to adopt a pro-crypto stance.
Garlinghouse’s criticism wasn’t limited to policy. He used harsh language, referring to Gensler as a “Luddite,” a term for someone resistant to technological progress. This statement underscores the growing frustration within the crypto industry towards the SEC’s regulatory framework.
Ripple vs SEC: Awaiting the Final Chapter
Investors and the crypto market remain glued to the Ripple vs SEC case nearing its conclusion after nearly four years. The latest development came with Ripple’s filing referencing the recent court ruling on Binance’s BNB token, hoping to influence the potential penalties they face. The SEC, however, refutes this connection.
These filings might be the last before Judge Torres determines the final penalty for Ripple, if any, related to alleged breaches of US securities laws. Notably, Ripple secured a partial win in July 2023 when the court ruled that XRP sales on exchanges don’t constitute securities.
Also Read: Ripple (XRP) vs. SEC Lawsuit Nears Climax – Could Brand New Evidence Derail Friday’s Decision?
XRP Price Responds Positively Amidst Legal Uncertainty
Despite the ongoing legal battle, XRP’s price has seen a positive reaction. The token is up over 2.3% in the last 24 hours, currently trading at $0.4513. This price increase suggests that some investors remain optimistic about Ripple’s future even in the face of potential penalties.
The Ripple vs SEC case is a landmark event with significant ramifications for the entire crypto industry. With a final verdict expected soon, all eyes are on Judge Torres to determine the fate of Ripple and potentially shape the future of crypto regulation in the US..
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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