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Ripple’s clash with the SEC reflects growing concerns about regulatory overreach. Garlinghouse accuses the SEC of disregarding court rulings on XRP’s security status. Legal experts argue the SEC is pushing boundaries in crypto regulation battles. Ripple’s ongoing battle with the U.S. Securities and Exchange Commission (SEC) highlights the growing tension between the crypto industry and regulators. In July 2023, U.S. District Judge Analisa Torres ruled that XRP, the digital token used by Ripple Labs, is not a security. This was a major win for Ripple and the broader crypto market. However, the SEC continues to claim that XRP should be classified as a security. This has frustrated many in the crypto community, especially Ripple’s CEO, Brad Garlinghouse, who has been vocal against the SEC’s actions. Garlinghouse’s discontent highlights concerns over the SEC’s role in regulating digital assets and its refusal to acknowledge court rulings, which has sparked debates about whether the regulatory body is acting above the law. Garlinghouse’s Frustration With the SEC’s Ongoing Stance Brad Garlinghouse recently voiced his frustration with the SEC’s ongoing refusal to respect the court ruling. The SEC’s insistence that XRP is still a security, despite the court’s ruling, has raised significant concerns about regulatory overreach. Besides, Garlinghouse criticized the agency for displaying an attitude of being “above the law,” as it continues to regulate XRP as though the July ruling never happened. This reaction from Garlinghouse comes during a broader legal challenge by Bitnomial, a crypto derivatives exchange, against the SEC. Bitnomial is fighting the classification of XRP futures as “security futures,” arguing that the Commodity Futures Trading Commission (CFTC) should regulate XRP derivatives since XRP is not officially a security. Ripple Allies Question SEC’s Overreach In its legal challenge, Bitnomial accused the SEC of exceeding its authority and placing unnecessary restrictions on the…

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Filed under: News - @ October 14, 2024 2:19 pm