Ripple CEO Criticizes SEC on Recent Court Rulings

Ripple CEO Criticizes SEC on Recent Court Rulings

In a recent tweet, Brad Garlinghouse, CEO of Ripple, criticized the SEC. He made a negative comment about the regulatory agency.

Brad Garlinghouse commented on the recent rulings against the SEC in their case against Ripple. He responded to a summary of Judge Analisa Torres’ latest ruling provided by Stuart Alderoty, Ripple’s general counsel. He, however, stated that: 

“It’s only Tuesday, but shaping up to be a not-so-great week for the SEC (this ruling, Voyager, Grayscale).”

Today, it was reported that Judge Analisa Torres ruled on Daubert’s motions that sought to remove expert testimony from the SEC’s case against Ripple. The ruling suggests that while the SEC’s claims that XRP is a security have weakened, the case against Ripple is still strong from the court’s perspective. As a result, Ripple’s general counsel, Stuart Alderoty, revealed that the company now feels more optimistic about obtaining a favorable ruling on summary judgment motions.

The CEO of Ripple pointed out that the SEC has faced several setbacks in US courts this week. One such setback was the US bankruptcy court’s decision to reject the SEC’s objection to Binance.US’s attempt to acquire Voyager’s assets. Additionally, judges favor Grayscale in its appeal against the SEC’s rejection of its Bitcoin exchange-traded fund (ETF) application. Reuters reported that the judges questioned the inconsistency in approving futures-based ETFs while rejecting Grayscale’s spot ETF application despite having similar fraud protections.

The SEC has increased its crypto enforcement actions, seemingly attempting to gain control over the emerging market. However, recent developments suggest that industry participants successfully present their arguments in court. The SEC’s case against Ripple, which has been ongoing for over two years, centers on whether XRP is a security. Ripple’s general counsel, Stuart Alderoty, has indicated that the case may receive a summary judgment ruling by the end of this month.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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