The Ripple boss is venting his frustrations with the FCA after the XRP lawsuit

The Ripple boss is venting his frustrations with the FCA after the XRP lawsuit

Ripple CEO Brad Garlinghouse has expressed his frustration with the “messy” he is experiencing Securities and Exchange Commission (SEC) according to him may cause. The US financial watchdog sued Ripple at the end of 2020 and, according to Garlinghouse, went far beyond the book under the guise of “investor protection.”

Ripple’s CEO is very critical of Twitter

Ripple is the company behind the popular cryptocurrency XRP, has been involved in a lawsuit with the Securities and Exchange Commission for several years. According to the SEC, Ripple allegedly broke the law by selling XRP without a license. The company needs a license toeffectswhich is XRP according to the Securities and Exchange Commission.

However, the censorship judge Torres decided so That was not the case. According to the court, XRP is not considered a security if the token is sold on crypto exchanges. Ripple gets a huge win with this statement. Therefore, Ripple CEO Garlinghouse took his time on Twitter to criticize the SEC’s actions recently.

“An important point was made about retail protection. The SEC caused this mess by declaring that they were the cop in the cryptocurrency industry when they had no jurisdiction to do so. How far have we taken that? Investors are now left empty-handed in the bankruptcy courts as the SEC continues to hold its press conferences.”

The SEC is having a hard time formulating an opinion following the XRP result

He follows this criticism with a jab by replying to his letter. in This reaction he is writing:

“It is absurd to criticize a judge for following the law fairly. We all know that rationing, not imposing regulations, is the only way to ensure clear rules and protections.”

In doing so, the Ripple boss leaves a clear stand on what he thinks of the ruling and the SEC. SEC Chairman Gary Gensler didn’t have the same clear stance. The Chairman of the Board expressed the opinion of the Securities and Exchange Commission in the ruling in the Ripple case Not formulated yet. He himself was disappointed by the ruling, but said the SEC would continue to protect US citizens.

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