Ripple’s CEO, Brad Garlinghouse, has strongly criticized the U.S. Securities and Exchange Commission (SEC) after the regulator expressed its intentions to appeal a recent court ruling. The ruling had declared that XRP sales to retail traders were not considered securities, but the SEC’s move for a “review” has raised concerns of prolonged legal battles.
Garlinghouse highlighted the SEC’s role in creating the current situation, accusing the agency of claiming jurisdiction over the crypto space without legal grounds. He criticized the SEC for holding press conferences while consumers suffer in bankruptcy court.
The Ripple executive stressed the need for legislative clarity and clear rules to protect retail investors instead of relying on regulatory enforcement. Many industry experts and U.S. lawmakers share this sentiment, alleging that the SEC is overreaching its regulatory authority.
SEC Chair Gary Gensler’s expressed “disappointment” over the court’s decision further fueled the ongoing regulatory uncertainty. The SEC remains committed to enforcing actions against non-compliant firms in the crypto industry.
The news of the favorable court ruling led to an 80% surge in the Ripple token’s value, with XRP reaching a fifteen-month high of $0.95. However, the token’s price has since retreated, experiencing a 7.5% drop over the weekend and a 15% decline from last week’s high.
Currently trading at $0.727, XRP has seen a 56% gain over the past fortnight, but the ongoing regulatory uncertainty is impacting its price stability.
Source: https://bitcoinworld.co.in/ripple-ceo-lambasts-secs-intent-to-appeal-court-ruling/