Ripple CEO, Brad Garlinghouse, has recently called out SEC Chair Gary Gensler, tagging him as a “political liability”, while shedding light on the agency’s string of losses.
This was recently shared on X by CNBC, marking the continued legal battle between Ripple and the United States Securities and Exchanges Commission (SEC).
Ripple CEO calls U.S. SEC Chair Gary Gensler a 'political liability' over lawsuit https://t.co/W2zhKYmkaz
— CNBC (@CNBC) January 16, 2024
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A History of Regulator Setbacks
Garlinghouse paints a vivid picture of Gensler stuck in an endless loop, repeating failed strategies against the crypto industry. He points to the SEC’s defeats against exchanges like Coinbase and Binance, as well as Ripple’s courtroom victories, as proof of the agency’s misguided approach.
Ripple CEO’s facts are hard to dispute. The court ruling in July 2023, which declared XRP not a security, dealt a significant blow to the SEC’s case. The subsequent dismissal of charges against Garlinghouse and Larsen further solidified Ripple’s legal standing.
Taking the Offensive
This public offensive signifies a change in Ripple’s strategy. Garlinghouse’s bold statements show that Ripple is no longer playing defense. They are now on the attack, aiming to expose the SEC’s alleged inconsistencies and overreach.
While Ripple celebrates its legal victories, the battle is far from over. The focus now shifts to the “remedies phase,” where the court will determine potential penalties and sanctions against Ripple. This phase holds great importance as it could have significant financial implications for the company.
With the lawsuit now in the remedies phase, there is a chance for a resolution. Both parties are expected to propose potential penalties and remedies. If the court agrees with Ripple’s stance on the definition of XRP, the penalties could be minimal. However, the SEC still has the option to appeal, potentially prolonging the process.
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Read Also: Ripple CEO and XRP Army Back Deaton to Unseat Senator Elizabeth Warren: Details
A Broader Fight for Crypto Regulation
Ripple’s case extends beyond XRP; it serves as a benchmark for the entire crypto industry. A favorable outcome for Ripple could set a precedent for clearer regulatory frameworks, opening the doors for wider adoption of cryptocurrencies.
By taking an offensive stance, Garlinghouse is playing a high-stakes game. He runs the risk of alienating regulators and potentially harming Ripple’s case in the remedies phase. However, his bold move could also rally the crypto community and put pressure on the SEC to reevaluate its approach.
As Ripple and the SEC clash in the next stage of their legal battle, the entire crypto community holds its breath. The outcome will have far-reaching consequences for digital assets and the regulatory landscape surrounding them.
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