Brad Garlinghouse, CEO of Ripple, refers to the SEC as a “bully” in the aftermath of XRP’s historic victory in the most recent court case.
Speaking on Bloomberg TV, Garlinghouse narrates the contagious happiness that spread across the cryptocurrency community after the Ripple case verdict. He cites the fact that this is the SEC’s first loss in a crypto lawsuit as justification.
A more recent example of the agency’s success is the LBRY case, where the court decided in the SEC’s favour with the final judgement delivered this week.
“I have heard from hundreds of people throughout the industry, there’s just broad enthusiasm and excitement,” the CEO of Ripple said. “This is the first time the SEC lost a crypto case.” Garlinghouse continues, “The SEC has been a bully.”
Between January and early June, the SEC filed 24 enforcement actions involving cryptocurrencies, including litigation against the exchanges Binance, Coinbase, Kraken, and Gemini. The cryptocurrency industry feels that the SEC has exceeded its authority.
SEC Chair Gary Gensler continues to take a harsh position and believes that many digital assets have characteristics of securities. Investors regarded the SEC’s declaration of 19 crypto assets as securities in the Binance and Coinbase cases as possibly damaging enough to cause a significant sell-off.
Due to worries that local trading would be mostly constrained to Bitcoin, which authorities see as a commodity, several U.S. cryptocurrency firms have begun expanding abroad.
The SEC, which claims to be reconsidering the decision, has been damaged by the Ripple case. According to Scott Schneider, the agency’s spokeswoman, it was “pleased that the court found that XRP tokens were offered and sold by Ripple as investment contracts in violation of the securities laws.”
In contradiction to the SEC’s remarks, the CEO of Ripple claims that the current court decision is a total defeat for the organisation since it establishes that XRP “is not a security.”
Garlinghouse calls the SEC’s sad attempt to portray the most recent decision as some sort of split triumph.
