Brad Garlinghouse, CEO of Ripple, has spoken out against Gary Gensler, who is stepping down as Chair of the Securities and Exchange Commission (SEC), for persisting with a “regulate-by-enforcement” approach during his term. These remarks were made in the midst of ongoing legal battles between Ripple and the SEC, with the latter planning to submit its opening brief in their appeal on January 15, following a recent court victory by Ripple.
Ripple CEO Brad Garlinghouse Attacks Gary Gensler
On Twitter, Brad Garlinghouse, CEO of Ripple, has criticized Gary Gensler, stating that he is disregarding the concerns of the public and the upcoming 2024 election. Garlinghouse wrote, “Just like always, Gensler sticks to his approach.” He further added, “Gensler continues to push his failed regulation-by-enforcement strategy until the very end.” This criticism arises following Ripple’s legal team’s attempt to submit a motion requesting an extension of the deadline for the SEC to file their opening brief, which is set for January 15th.
Despite their petition, the Securities and Exchange Commission declined it, prompting strong criticism from Ripple’s executives. Stuart Alderoty, Ripple’s Chief Legal Officer, characterized the agency’s action as a “waste of time and taxpayer dollars.
Additionally, Alderoty expressed optimism about Ripple’s legal position in the ongoing appeal case. He went on to say, “We look forward to interacting with the new leadership at the SEC, as Gary Gensler is due to step down from his role as chairman on January 20, in order to tackle this matter.
The ongoing legal dispute between the SEC and Ripple stemmed from the SEC’s lawsuit filed in December 2020, alleging that Ripple illegally sold XRP as an unregistered security. However, a court ruling in 2023 found in favor of Ripple, determining that XRP sales to individual investors were not considered securities. Despite this decision, the SEC has elected to appeal the judgment.
Gary Gensler Reflects on Crypto Policy Ahead of Departure
Before his departure from the commission, SEC Chair Gary Gensler recently expressed his views on regulating the cryptocurrency market during an interview with CNBC. In this discussion, he stated that Bitcoin is more akin to a commodity like gold than a security. He described Bitcoin as a highly speculative and volatile asset, emphasizing its global demand similar to that of gold.
Despite a different perspective, Gensler maintains his stance that most tokens, excluding Bitcoin, fall under the category of securities subject to current U.S. laws. He asserted that the industry has generally failed to adhere to anti-money laundering, sanctions, and securities regulations in many instances.
Gensler’s actions through enforcement measures have drawn criticism, a stance shared by Ripple and other industry players. Meanwhile, as regulatory clarity is anticipated, an unidentified transfer of 100 million XRP or approximately $265 million took place between two anonymous wallets. Experts are predicting that the price of XRP could rise significantly, with some speculating it might reach $8 in the near future.
Ripple vs. SEC: What’s Next?
The Securities and Exchange Commission (SEC) is appealing following a legal defeat, as courts have been critical of the agency’s enforcement methods. In another case involving Coinbase, the Third Circuit Court of Appeals deemed the SEC’s actions as “unreasonable” and “hasty.” The court emphasized the need for increased openness and precision in the SEC’s decision-making procedures.
With Gensler’s departure on January 20, various industry players are looking forward to potential changes in leadership at the SEC. Ripple CEO Brad Garlinghouse has expressed hope that the ongoing legal conflict with the administration can be resolved under the new leadership. Furthermore, there is much discussion about possible regulatory adjustments, such as more explicit rules for categorizing digital assets.
Additionally, JPMorgan analysts have expressed growing enthusiasm towards the cryptocurrency industry, hinting at the possibility of introducing exchange-traded funds (ETFs) centered around digital assets such as Ripple’s XRP and Solana (SOL).
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2025-01-15 07:37