While we anticipate a summary judgment in the Ripple versus SEC lawsuit, the relationship between parties involved in the legal battle continues to deteriorate with rising tension.
In one of the most recent developments, Brad Garlinghouse, the Chief Executive Officer (CEO) at Ripple, berated the SEC chairman’s “Pro-Innovation” stance via a tweet.
In one of our recent reports, Garlinghouse branded Gensler’s pro-innovation claims as laughable, stating that Gensler’s claims are the complete opposite of what he originally meant.
The Ripple CEO also noted that SEC’s latest actions are meant to distract the public from its recent mishandling of the now-defunct FTX crypto exchange saga.
Bill Morgan: Brad Garlinghouse is Confident of a Win
In a tweet on June 6, Brad Garlinghouse berated the current SEC chair, Gary Gensler, for acting beyond his basic power.
Brad Garlinghouse tweeted, “It’s embarrassing to watch an unelected bureaucrat flail like this to mask the fact that he and his agency don’t have the power that he so desperately craves. No one is fooled.”
In response to Garlinghouse’s comment, crypto lawyer Bill Morgan said this shows that the Ripple CEO is confident of a win in the lingering XRP lawsuit. He said a losing man can’t boldly make such a comment.
Bill Morgan tweeted, “Not the words of a man expecting a bad outcome in a lawsuit brought against him by the SEC.”
Not the words of a man expecting a bad outcome in a lawsuit brought against him by the SEC https://t.co/bxt3PgPlGp
— bill morgan (@Belisarius2020) June 6, 2023
Meanwhile, all indications seem to sway in Ripple’s favor, and the SEC is trying to cover its tracks. In addition, the crypto community has raised concerns about the negative impacts of the SEC’s action on the future of cryptocurrency in the United States.