Is SEC Above the Law?
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In July 2023, U.S. District Judge Analisa Torres ruled that the XRP token is not a security, a decision seen as a partial win for Ripple Labs and the broader crypto industry. Yet, despite this ruling, the U.S. Securities and Exchange Commission (SEC) remains firm in insisting that XRP is a security. Criticizing the SEC’s disregard for the court ruling, Ripple CEO Brad Garlinghouse lashed out at the regulator. His response follows Bitnomial’s lawsuit, challenging the SEC’s stance on XRP futures. Brad Garlinghouse Slams SEC In a recent tweet, Brad Garlinghouse voiced his frustration with the SEC, criticizing the agency for ignoring the court’s decision that XRP is not a security. He pointed out that the SEC’s actions show an attitude of acting above the law. A new low for a renegade agency many thought couldn’t sink further. The SEC now believes it can operate above the law, ignoring a Court’s ruling that XRP isn’t a security. Team Ripple will be watching closely and weighing our own options to hold the SEC accountable. https://t.co/9yMWsNHRde — Brad Garlinghouse (@bgarlinghouse) October 11, 2024 Garlinghouse’s disapproval comes as the SEC maintains its stance in the Bitnomial case, where the crypto derivatives exchange Bitnomial challenged the SEC’s classification of XRP futures as “security futures.” Bitnomial argues that XRP futures should fall under the Commodity Futures Trading Commission (CFTC), as XRP itself has not been labeled security. In its court filing, Bitnomial accused the SEC of overstepping its authority and placing unnecessary regulatory burdens on the exchange. Supporting Ripple’s stance, Bitnomial noted that the SEC’s position directly conflicts with the court’s ruling, which found that XRP is not a security. Regulatory Body or Bully? Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, also weighed in, questioning the credibility of a regulatory agency that disregards court rulings.…
Filed under: News - @ October 12, 2024 5:25 am