The head of Ripple criticized the federal regulator after he expressed his intention to appeal the recent decision.
Late last week, the SEC said that the decision made by Judge Torres that XRP sold to retail traders is not a security requires “review.” This is seen by many as an intention to appeal the court’s decision and drag the case even longer.
On July 23, Garlinghouse said an important topic had come up regarding retail protection, adding:
“The SEC created this mess by asserting that it is the police on the crypto beat when it has no legal jurisdiction.”
An important topic came up regarding retail protection. The SEC made this mess by proclaiming it was the police on the crypto beat when it had no legal jurisdiction Where did that get us? Consumers left holding the bag in bankruptcy court as the SEC held press conferences.
– Brad Garlinghouse (@bgarlinghouse) July 22, 2023
The SEC Is Not Protecting Consumers
The Ripple executive went on to say that consumers were “left holding the bag in bankruptcy court while the SEC held press conferences.”
Garlinghouse added that it is “absurd” to blame a Judge for faithful application of the law.
“We all know legislation – not more regulation through enforcement – is the only way forward to provide clear rules and protect retail.”
The idea is echoed by many industry experts and US lawmakers who say the SEC is regulating by enforcing beyond its jurisdiction.
On July 17, SEC Chair Gary Gensler expressed his “disappointment” in the court’s decision. He added that the regulator will not stop implementing these actions aimed at the crypto industry.
“We will continue to try to bring companies that may not be in compliance,” he said at the time.
XRP Price Slide
The Ripple token exploded more than 80% as the news of the favorable ruling broke. XRP topped a fifteen-month high of $0.95 on July 20 but has since retreated.
The cross-border coin fell back 7.5% over the weekend and is now down 15% from last week’s high.
At the time of writing, XRP is trading at $0.727 after dropping 1.4% on the day. However, it has remained at 56% for the past two weeks, but these gains are slowly being eroded.
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