CEO of Ripple Brad Garlinghouse calls the SEC a “bully” following XRP’s unprecedented victory following the latest court ruling.
Speaking on Bloomberg TV, Garlinghouse describes the palpable joy that filtered through the crypto space following the Ripple lawsuit ruling. He gives the reason why this is the first crypto case the SEC has lost.
The LBRY case, where the judge ruled in favor of the SEC with the final judgment released this week, is a more recent illustration of the agency’s winning streak.
Ripple’s CEO said, “I’ve heard from hundreds of people across the industry, there’s just broad excitement and excitement, this is the first time the SEC has lost a crypto case.” Garlinghouse adds, “The SEC has been a bully.”
By Fondamental research, the SEC filed 24 crypto-related enforcement cases between January and early June, including lawsuits against stock exchanges Binance, Coinbase, Kraken, and Gemini. The crypto industry believes the SEC has overstepped its powers.
SEC Chairman Gary Gensler, who has long argued that many digital assets exhibit characteristics of securities, maintains his tough stance. The SEC declared 19 crypto assets as securities in lawsuits against Binance and Coinbase, which investors perceived as potentially damaging enough to trigger a strong sell-off.
As a result, many U.S. crypto businesses have started expanding overseas due to fears that local commerce is mostly limited to Bitcoin, which regulators perceive as a commodity.
The Ripple case is a blow to the SEC, which says it is reviewing the decision. Through its spokesperson, Scott Schneider, the agency said it was “satisfied that the court found that XRP tokens were offered and sold by Ripple as investment contracts in violation of securities laws. securities”.
Undermining the SEC’s comments, Ripple’s CEO said the recent court ruling represents a complete loss for the agency as it means XRP “is not a security”.
Garlinghouse describes the SEC’s attempt to portray the recent verdict as some kind of shared victory as pathetic.
