Ripple (XRP) CEO Blasphemes on SEC: SEC Hurts Investors!

Brad Garlinghouse, CEO of Ripple (XRP)in response to a user’s tweet, SECHe expressed his anger at the lawsuit filed against the company.

Ripple (XRP) CEO Says Anger Over SEC Litigation Is Growing

Ripple CEO expressed his deep disappointment on Twitter, “As the case progressed, my anger grew. There are no returns, no results for those who filed this lawsuit. The SEC’s pursuit of a policy goal is not about loyalty to the law. It’s about power,” he said.

My outrage has grown as the litigation has unfolded.

There is no recourse, there is no consequence to those that brought this argument. The SEC’s pursuit of a policy objective isn’t about “a faithful allegiance to the law”. It’s about power.

— Brad Garlinghouse (@bgarlinghouse) October 15, 2022

Garlinghouse also pointed out that the SEC has no concern for individuals and companies harmed by the agency’s approach.

Garlinghouse continued:

“There is no respect for the companies and people this approach hurts. We should all be angry. The SEC has forgotten that the government works for the people.”

In the lawsuit filed in 2020, the SEC accused Ripple and its top executives of selling unregistered securities. According to CryptoLaw founder John Deaton, the SEC’s actions against XRP cost investors about $15 billion in losses.

Both the SEC and Ripple filed petitions for summary judgment in September, requesting District Judge Analisa Torres to make a decision based on the facts provided in their own filings. The SEC also asked for an uncontested decision in its favour.

Ripple CEO Brad Garlinghouse criticizes the SEC, stating that the agency is not interested in enforcing the law as it claims the purchase of XRP is an “investment in a joint business.”

Brad Garlinghouse, during DC Fintech Week, stated that with positive expectations the case could reach a resolution in the first half of 2023, “Whether this is the first quarter or the second quarter, we will see.” said.

*Not investment advice.