Ripple CEO Brad Garlinghouse strongly criticized the SEC and hinted at an appeal in his statement.
Ripple CEO Brad Garlinghouse criticized the SEC’s attempt to appeal the court ruling favoring XRP in their ongoing lawsuit.
Garlinghouse accused the SEC of overstepping its legal authority by claiming to be the regulator of cryptocurrencies, causing confusion. He further stated that the SEC was disregarding congressional efforts to establish clear rules and protect retail investors.
Following the judge’s significant summary decision, which stated that the sale of XRP on exchanges is not considered a security, Ripple CEO Brad Garlinghouse made his statement. This development holds immense importance in the ongoing SEC case with Ripple. The judge also ruled that institutional sales of XRP by Ripple are classified as securities.
Garlinghouse Commends “Torres Doctrine” Ruling for Crypto Industry
Ripple CEO Brad Garlinghouse praised the judge for honestly enforcing the law and defended the decision, referred to as the “Torres Doctrine” by US Congressman Ritchie Torres. He emphasized its significance as a guiding principle for the SEC’s future actions, providing crucial legal clarity to the crypto industry.
Garlinghouse Calls for Legislation to Protect Crypto Customers
Ripple CEO Brad Garlinghouse highlighted the efforts of Congress members like Torres and Patrick McHenry, who are working on the “Financial Innovation and Technology Act for the 21st Century.” He emphasized the need for legislation to establish clear rules and ensure the protection of individual customers, dismissing the idea of relying on more sanctions.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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