In a recent X post, Ripple CEO Brad Garlinghouse backed Elon Musk, as the Tesla CEO criticized the US SEC. This has sparked immense discussions in the market, especially after the SEC Chair Gary Gensler recently targeted Elon Musk. On the other hand, the prolonged legal battle between Ripple and the agency has also fueled discussions in the market amid pro-crypto regulatory anticipation in the US.

Ripple CEO Brad Garlinghouse Backs Elon Musk

Elon Musk’s criticism of the US SEC gained widespread attention when he called the agency a “political tool” used for “dirty work.” His remarks followed news of the US SEC Chair Gary Gensler sending a notice to his company Neuralink, sparking reactions from political figures and crypto advocates alike.

Ripple CEO Brad Garlinghouse backed Musk by reposting his comment, signaling solidarity in their shared frustration with the agency. Ripple has long been entangled in a legal battle with the agency, with the XRP lawsuit challenging its native crypto’s status as a security becoming a flashpoint in the crypto regulation debate.

Meanwhile, legal experts and politicians have joined the conversation. Cory Liu, an adjunct professor at the University of Texas School of Law, highlighted a recent court ruling against the SEC. The court declared the SEC had overstepped its authority by enforcing a Nasdaq policy requiring diversity quotas for corporate boards. Liu argued that the SEC should focus on ensuring fair markets, not enforcing identity-based quotas.

Presidential candidate Vivek Ramaswamy criticized the SEC, suggesting repeated legal losses undermine its credibility. U.S. Senator Mike Lee echoed this sentiment, stating that the US SEC “cannot be trusted” as an independent body.

Crypto Market Eyes Pro-Crypto Regulation

Ripple CEO Brad Garlinghouse has also previously criticized the US SEC and its Chair Gary Gensler for their stance against the crypto market. The recent developments have gained widespread attention from market enthusiasts. On the other hand, the D.O.G.E., led by Elon Musk and Vivek Ramaswamy has also sparked discussions in the market.

Besides, the timing of these developments has intensified scrutiny of the SEC’s practices, especially with Gary Gensler set to step down in January. Gensler, often criticized for his tough stance on crypto, has faced backlash over his approach to regulatory enforcement.

For Ripple, the stakes remain high as its ongoing case with the SEC could shape the future of crypto regulations in the U.S. Garlinghouse’s alignment with Musk adds momentum to growing calls for a pro-crypto regulatory framework.

The incident also highlights broader concerns about regulatory overreach. Many industry leaders argue that the agency’s focus on political agendas detracts from its primary mission of market fairness. As discussions heat up, all eyes are on how these critiques might influence U.S. crypto policies in the post-Gensler era.

The post Ripple CEO Brad Garlinghouse Backs Elon Musk’s Criticism Of US SEC appeared first on CoinGape.

---

Filed under: News - @ December 14, 2024 8:11 am