Brad Garlinghouse, CEO of Ripple, has made an intriguing observation: the submission of Ripple’s opposition brief in its ongoing lawsuit with the SEC occurred around the same time that two SEC attorneys handling a different case unexpectedly resigned.
Two lawyers from the Securities and Exchange Commission stepped down following the scathing reprimand and imposition of penalties by a federal court for misusing their authority in the Debt Box matter, which was deemed a serious misuse of power.
Michael Welsh and Joseph Watkins stepped down from their positions this month following a warning from the Securities and Exchange Commission (SEC) that they would be terminated if they didn’t, sources close to the situation told Bloomberg. They were the lead lawyers in a legal dispute involving Digital Licensing Inc., also referred to as DEBT Box, a cryptocurrency company.
It’s fitting that we submit our reply on the very same day that two SEC lawyers step down, allegedly due to their involvement in the Debt Box case scandal…
The US will be left to deal with the aftermath of the agency’s disastrous policies long after Gensler has departed.
— Brad Garlinghouse (@bgarlinghouse) April 23, 2024
According to Robert Shelby, the judge presiding over the case, the SEC’s accusations against DEBT Box were flawed due to unfounded claims and misleading information, as well as insufficient evidence. In an unprecedented move, Shelby penalized the agency for misuse of authority in March. Subsequently, the SEC’s head of enforcement expressed regret for the error.
Following the latest developments, Garlinghouse commented that it seemed fitting or relevant that Ripple submitted their response on the very same day news broke about the resignation of two SEC attorneys involved in the Debt Box case.
Garlinghouse hasn’t held back in sharing his criticisms of the SEC’s actions. He went on to add, “The United States will still be dealing with the fallout from the agency’s unfortunate decisions even after Gensler has left.”
The CEO of Ripple has been vocal in his criticism against the Securities and Exchange Commission (SEC) and its methods of regulating the cryptocurrency sector. The ongoing dispute over the Debt Box case has left a dark cloud hovering over the SEC.
On April 22, 2024, Ripple asked the court to disregard new expert evidence presented by the SEC as they sought penalties and final judgment. At the same time, it became known that Ripple opposed the SEC’s proposed $2 billion penalty for their past institutional sales.
Stuart Alderoty, Ripple’s Chief Legal Officer, pointed out that in a case where no charges of carelessness or deceit were brought against Ripple, and where Rippe emerged victorious on crucial points, the SEC’s demand can be seen as yet another instance of its persistent efforts to intimidate the crypto industry in the United States. This observation prompted comments from Ripple’s CEO.
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2024-04-23 16:17