The post Ripple CEO Slams US SEC For XRP Security Claim In Bitnomial Case appeared on BitcoinEthereumNews.com.

Ripple CEO Brad Garlinghouse has accused the U.S. Securities and Exchange Commission (SEC) of ignoring a court decision that determined XRP is not a security as the regulator still claims. He made the remarks following the agency’s stand in the Bitnomial case which saw the crypto derivatives exchange go to court against the SEC over the classification of XRP futures. Ripple CEO Slams US SEC For XRP Security Claim Brad Garlinghouse voiced his anger regarding the US SEC’s actions in a post on X (formerly Twitter), noting that the agency does not seem to care that, according to a court’s decision, XRP is not a security. He pointed out that the agency’s behavior proves that it thinks it can act beyond the law, questioning the regulator’s responsibility. Ripple’s Chief Legal Officer Stuart Alderoty also commented on the agency’s position in the Bitnomial case saying that one has to wonder about the legitimacy of a regulatory agency that simply ignores a court decision. According to Alderoty, the US SEC has embarked on unconstitutional aggressive measures in the case and this further erodes the credibility of the agency. He cited a rather worrying situation where a regulatory body after being defeated in court orders compliance through threats of enforcement in clear disregard of court orders. Bitnomial Lawsuit Challenges US SEC’s XRP Futures Stance The case in Bitnomial involves the US SEC’s assertion that XRP futures are ‘security futures,’ which subjects them to more rules than those set by the Commodity Futures Trading Commission (CFTC).  Bitnomial, a crypto derivatives exchange, declared that the XRP futures should fall under the jurisdiction of CFTC only, as XRP has not been registered as a security. In its complaint filed with the U.S. District Court for the Northern District of Illinois, Bitnomial claimed that the SEC’s requirement…

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Filed under: News - @ October 12, 2024 1:15 am