Ripple CEO Criticizes SEC’s Intentions to Appeal Court Ruling
The recent ruling regarding XRP’s status as a security has sparked controversy, with Ripple CEO Brad Garlinghouse criticizing the SEC’s expressed intentions to appeal the decision. He argues that the SEC created a mess by proclaiming itself as the authority in the crypto industry without legal jurisdiction.
Key Points:
– Garlinghouse highlights the issue of protecting retail investors, claiming that consumers are left in bankruptcy court while the SEC holds press conferences.
– He asserts that legislation, not regulation by enforcement, is needed to establish clear rules and protect retail investors.
– Many industry experts and lawmakers share the belief that the SEC is overstepping its jurisdiction by regulating through enforcement.
– SEC Chair Gary Gensler expressed disappointment over the court’s decision and stated that the regulator would continue its enforcement actions in the crypto industry.
XRP’s price experienced a significant surge following the favorable ruling but has since retreated. It is currently trading at $0.727, down 15% from its recent high.
Hot Take: Ripple CEO Calls for Legislation to Protect Retail Investors
Ripple CEO Brad Garlinghouse criticizes the SEC’s intentions to appeal the court ruling on XRP’s status as a security. He emphasizes the need for legislation to establish clear rules and protect retail investors. The SEC’s regulatory actions beyond its jurisdiction have raised concerns among industry experts and lawmakers. Despite the initial price surge, XRP’s value has declined, reflecting the ongoing uncertainty surrounding its regulatory status.
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