Ripple and XRP Lawyers Criticize SEC’s Regulation by Enforcement
The U.S. Securities and Exchange Commission (SEC) is facing criticism from Ripple executive chairman Chris Larsen and XRP lawyers for its regulation by enforcement policy against the crypto industry. In recent lawsuits, federal judges have deemed the SEC’s claims as arbitrary and capricious, while Judge Netburn in the Ripple XRP lawsuit called the SEC’s positions hypocritical. Larsen is urging the U.S. Congress to take action and put an end to these irrational lawsuits initiated by the SEC.
The Potential End of SEC’s Regulation by Enforcement
On September 7, Chris Larsen expressed hope that the SEC’s policy of regulation by enforcement will come to an end as the courts are rejecting the SEC’s unfair approach towards crypto. Larsen also called on the U.S. Congress to intervene and address the destructive practices of SEC Chair Gary Gensler. XRP lawyer Bill Morgan highlighted that the SEC is consistently losing in court but continues 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.
Ripple’s 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 crypto industry. In an interview, Chris Larsen blamed the U.S. government and the SEC for adopting a hostile policy that hinders San Francisco from becoming the world’s blockchain capital. Meanwhile, the price of XRP has experienced a slight 0.5% decrease in the past 24 hours, currently trading at $0.49.
Hot Take: The Need for Clear Crypto Regulation
While the SEC’s regulation by enforcement policy faces backlash, it highlights the urgent need for clear and comprehensive regulations for the crypto industry. The inconsistent positions and arbitrary claims made by the SEC have sparked criticism and legal battles. It is crucial for the U.S. Congress to take a proactive role in shaping crypto policy to foster innovation and avoid further disruption. As the industry continues to evolve, finding a balance between regulation and growth is essential for the long-term success of cryptocurrencies like XRP.
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