Ripple CEO Brad Garlinghouse addressed the SEC after the SEC hinted that it would appeal: “You Have No Authority!”
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Ripple CEO Brad Garlinghouse has criticized the SEC for trying to appeal the court ruling in favor of XRP in its ongoing lawsuit.
Garlinghouse accused the SEC of causing a mess by claiming to be the regulator of cryptocurrencies without any legal authority. He also said the SEC was ignoring efforts by some members of Congress to provide clear rules and protect retail investors.
This statement by Garlinghouse comes after the judge announced that the sale of XRP on exchanges does not constitute a security in the summary decision, which is an extremely important development in the SEC case with Ripple. The judge also said that institutional sales of XRP by Ripple are securities.
Garlinghouse defended the judge's decision and commended him for honestly enforcing the law. Dubbed the “Torres Doctrine” by US Congressman Ritchie Torres, he said the judge's decision should guide the future actions of the SEC and provide legal clarity to the crypto industry.
Garlinghouse also pointed out that some members of Congress, such as Torres and Patrick McHenry, are working on the “Financial Innovation and Technology Act for the 21st Century”. Garlinghouse said the only way to set clear rules and protect individual customers is through legislation, not more sanctions.
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