Brad Garlinghouse Criticizes Jay Clayton’s Approach to Litigation
Ripple CEO Brad Garlinghouse has strongly criticized former SEC Chairman Jay Clayton for his recent comments about the SEC’s approach to litigation. Clayton suggested that the financial regulator should only pursue cases that would pass judicial scrutiny. Garlinghouse called out Clayton’s hypocrisy, pointing out that he initiated the SEC’s lawsuit against Ripple in 2020. He also criticized CNBC for not holding Clayton accountable for his statements.
XRP Allegations and Legal Disputes
The SEC’s lawsuit alleged that the XRP token was a security and that Ripple raised over $1.3 billion through its sales. However, the SEC has faced setbacks in its legal dispute with Ripple, including a ruling that declared XRP sales to the public were not securities. As a result, charges against Garlinghouse and co-founder Chris Larsen were dropped.
Pro-XRP Lawyer John Deaton Joins in Criticism
Pro-XRP lawyer John Deaton also criticized Clayton’s hypocrisy, stating that he pushed to include Ripple’s top executives in the case as a bullying tactic. Deaton highlighted the lack of evidence supporting the SEC’s securities allegations against XRP.
XRP Price Performance
Despite the legal disputes, Ripple’s XRP reached its highest value since August at $0.57 during a recent bull run driven by the spot Bitcoin ETF. However, it has since retraced to $0.54.
Hot Take: SEC Chairman Faces Backlash for Hypocrisy in Ripple Lawsuit
Ripple CEO Brad Garlinghouse and pro-XRP lawyer John Deaton have criticized former SEC Chairman Jay Clayton for his hypocrisy in initiating the lawsuit against Ripple while advocating for cases that would pass judicial scrutiny. The SEC’s legal disputes with Ripple have faced setbacks, and charges against Ripple’s top executives have been dropped. Despite the legal battles, XRP has shown resilience in its price performance. This backlash against Clayton highlights the ongoing controversy surrounding the SEC’s approach to cryptocurrency regulation.
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