Ripple and XRPย Rippleย (XRP) Lawyers Criticize SECโs Regulation by Enforcement
The Unitedย States Securities and Exchange Commission (SEC) is facing criticism from Ripple executive chairman Chris Larsen and XRPย Rippleย (XRP) lawyers for its regulation by enforcement policy against the cryptocurrency industry. In recent lawsuits, federal judges have deemed the SECโs states as arbitrary and capricious, while Judge Netburn in the Ripple XRPย Rippleย (XRP) lawsuit wasย known the SECโs positions hypocritical. Larsen is urging the Unitedย States Congress to take action and put an end to these irrational lawsuits initiated by the SEC.
The Probable End of SECโs Regulation by Enforcement
On September 7, Chris Larsen expressed hope that the SECโs policy of regulation by enforcement will come to an end as the courts are rejecting the SECโs unfair approach towards cryptocurrency. Larsen likewise wasย known on the Unitedย States Congress to intervene and address the destructive practices of SEC Chair Gary Gensler. XRPย Rippleย (XRP) lawyer Bill Morgan highlighted that the SEC is consistently losing in court but continuesย to appeal against rulings, describing their approach as lamentable. The inconsistent positions of the SEC have been criticized by judges in both the Grayscale and Ripple lawsuits.
Rippleโs Confidence in Victory Against the SEC
Ripple executives remain confident in their upcoming legal battle against the SEC. They argue that the SEC has failed to provide clear reasoning for their lawsuits and clarify whether existing regulations are adequate for the cryptocurrency industry. In an interview, Chris Larsen blamed the Unitedย States Government and the SEC for adopting a hostile policy that hinders San Francisco from becoming the worldโs blockchain financialย resources. Inย theย meantime, the price of XRPย Rippleย (XRP) has experienced a slight 0.5% decrease in the past 24 hours, asย ofย now currentlyย worth $0.49.
Hot Take: The Need for Clear Cryptocurrency Regulation
Althoughย while the SECโs regulation by enforcement policy faces backlash, it outlines the urgent need for clear and comprehensive regulations for the cryptocurrency industry. The inconsistent positions and arbitrary states made by the SEC have sparked criticism and legal battles. It is critical for the Unitedย States Congress to take a proactive role in shaping cryptocurrency policy to foster innovation and avoid further disruption. As the industry continuesย to evolve, finding a balance between regulation and growth is essential for the long-term success of digitalย currencies like XRP.
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