Ripple CEO and CLO Slam SEC Following Grayscale’s Favorable Ruling
The District of Columbia Court of Appeals ruled in favor of Grayscale over the SEC, mandating the SEC to reevaluate its rejection of Grayscale’s Bitcoin ETF proposal. This ruling caused the market to turn bullish and led to a 17% rally in GBTC shares. Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty criticized the SEC after the court’s decision.
Alderoty Attacks SEC’s Legal Setbacks
- Alderoty highlighted the SEC’s previous legal setbacks and accused them of being hypocritical and lacking allegiance to the law.
- The court fined the SEC for “discovery abuse” in a previous case against Ripple.
- Alderoty stated that the court described the SEC’s denial of Grayscale’s proposal as arbitrary and capricious.
- He also criticized the SEC for regulating the crypto space through enforcement rather than by law.
Garlinghouse’s Summer of Justice
- Garlinghouse celebrated Grayscale’s victory and referred to it as a “Summer of Justice” against the SEC.
- He expressed dissatisfaction with the need for crypto enterprises to resort to legal measures to challenge the SEC’s incorrect assessments.
SEC v. Ripple Case
Ripple has been involved in a legal dispute with the SEC for over two years. While the court delivered a summary judgment in favor of Ripple, the case’s resolution may take another two years or longer due to the SEC’s intention to contest certain aspects of the ruling.
Hot Take
The recent ruling in favor of Grayscale and criticism from Ripple’s CEO and CLO highlight the ongoing battle between crypto companies and the SEC. It emphasizes the need for clearer regulations and a more consistent approach from the SEC to avoid hindering innovation and growth in the crypto space.
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