Ripple CEO on SEC Fight: You Have to Stand Up to Bully
Ripple’s partial victory against the SEC is seen as a milestone for the entire crypto industry. CEO Brad Garlinghouse condemns SEC’s “bullying tactics”.
- Ripple CEO, Brad Garlinghouse, emphasizes the importance of their partial victory against the SEC.
- Garlinghouse commends Grayscale and Coinbase for their resistance against SEC’s “bullying tactics”.
- Ripple’s win sets a precedent, as the court rules XRP tokens are not investment contracts, leading to relistings on major exchanges.
- Garlinghouse believes this battle is crucial for the entire cryptocurrency sector, rather than just Ripple and XRP.
Ripple CEO, Brad Garlinghouse, recently shed light on the significance of the company’s pivotal, yet partial, victory against the U.S. Securities and Exchange Commission (SEC), claiming it as a crucial juncture for the entire crypto industry. Speaking passionately at a Messari panel, he denounced the SEC’s practices as bullying and emphasized the imperative need to stand against such authoritative entities.
"You have to stand up to a bully." ~@bgarlinghouse
— Messari (@MessariCrypto) September 27, 2023
The SEC Outlook
Garlinghouse expressed grave concerns over the SEC’s strategy, depicting their settlements as acts of coercion rather than lawful triumphs. He cheered for companies like Grayscale and Coinbase for not yielding to the authoritarian measures of the SEC. “You have to stand up to a bully. When you stand up to them, they are losing,” he asserted.
This confrontation between Ripple and the SEC has resulted in a substantial victory for Ripple, highlighting that XRP tokens did not fall under investment contracts and thereby fostering a series of relistings on principal exchanges. Garlinghouse conveyed vehemently that this is not merely a win for Ripple but a watershed moment for the crypto sector at large, dispelling the notion that all tokens, except Bitcoin, are securities.
This significant, albeit partial, victory of Ripple against the SEC is more than just a corporate triumph; it’s a beacon of hope and a source of inspiration for the broader crypto ecosystem. The legal skirmishes and the consequent victory underscore the vitality of standing against unwarranted authoritative pressures and can serve as a catalyst for fostering a more congenial regulatory environment.
The assertion from a federal judge that XRP is not a security could potentially open doors to more nuanced discussions around crypto regulations and classifications. It paints a picture of a future where the development and adoption of digital assets are not hindered by overreaching regulatory frameworks but are allowed to flourish within well-defined legal contours.
This scenario is not just a victory for Ripple but represents a small step toward a future where the entire crypto industry can operate with more clarity and less fear of punitive regulatory actions, enabling innovation and growth in the blockchain space.