The post Ripple’s CEO accuses the SEC of operating above the law appeared on BitcoinEthereumNews.com.

The four-year-long battle between Ripple Labs and the U.S. SEC has entered a new lawfare stage. In a recent post on X, Brad Garlinghouse voiced his frustration with the SEC, criticizing the agency for ignoring the court’s decision on XRP. Stuart Alderoty, Ripple’s Chief Legal Officer, has raised constitutional concerns about the SEC’s continued classification of XRP as a security despite a court order to the contrary. In a Friday post on X, Alderoty asserted that the SEC’s actions might undermine the legitimacy of regulatory enforcement. To that end, Ripple CEO Garlinghouse has joined the criticism, labeling the SEC a “renegade agency” in a recent post. He states:  “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.” Brad Garlinghouse  This recent commentary came in the wake of a new lawsuit concerning the crypto exchange Bitnomial, in which the SEC reaffirmed its stance that XRP counts as a security. In July 2023, District Judge Analisa Torres ruled that XRP does not qualify as a security. Bitnomial lawsuit challenges the SEC over XRP futures In July 2023, U.S. District Judge Analisa Torres ruled that the XRP token is not a security. The ruling was seen as a partial win for Ripple Labs and the broader crypto industry. Yet, despite this ruling, the SEC remains adamant in insisting that XRP is a security. Ripple Labs is not the only entity suffering from the SEC’s regulatory crackdown on XRP.  Bitnomial, a crypto derivatives exchange, recently filed a lawsuit against the regulatory arm in an Illinois district court. The intent is to challenge the agency’s claims that…

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Filed under: News - @ October 13, 2024 8:23 am