As a crypto investor, I’ve been closely following the ongoing dispute between Ripple executives and the U.S. Securities and Exchange Commission. The recent tactics and strategies of the SEC have drawn criticism from Ripple, especially with the surge in trading activity for their XRP token.
Brad Garlinghouse, CEO of Ripple, has voiced his criticism towards SEC Chairman Gary Gensler, claiming that he persists in pursuing a strategy of “regulation through action.” Gensler, who is due to leave office on January 20th, has played a significant role in the SEC’s attempts to oversee the cryptocurrency market.
According to Garlinghouse, these initiatives fail to address wider public apprehensions and the potential influence of the 2024 elections.
Gensler stands firm with his company’s image – showing no concern for the 2024 election or the American people’s opinions. He remains steadfast in pushing forward his unsuccessful ‘regulatory approach through enforcement’ strategy, even to its very end. #Regretful
— Brad Garlinghouse (@bgarlinghouse) January 14, 2025
In response to the ongoing criticism, Stuart Alderoty, the Chief Legal Officer, confirmed that the Securities and Exchange Commission (SEC) had denied Ripple’s petition to postpone submitting their appeal brief, with the deadline set for January 15th.
Alderoty stated the decision was unwarranted, yet he upheld Ripple’s faith in their legal stance. He also voiced hope that the case would be resolved with the arrival of new SEC administration.
The price of XRP gained over 9%, reaching nearly $2.70.
Ripple vs. SEC
Since 2020, I’ve found myself deeply involved in a legal battle between Ripple and the Securities and Exchange Commission (SEC). The SEC claims that Ripple has been breaking securities laws by selling XRP, a digital currency, without properly registering it as a security.
Ripple contests the assertions, stating that XRP functions like cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Crucially, it has not been categorized as a security by the Securities and Exchange Commission (SEC).
In August 2024, the legal battle between Ripple and the SEC took a significant shift when a court mandated that Ripple pay a $125 million fine as penalties. Later on, the SEC filed an appeal against this decision, and Ripple’s recent plea to postpone submitting its appeal brief was rejected by the agency.
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2025-01-14 23:33