- Ripple CEO Brad Garlinghouse criticized SEC Chairman Gary Gensler for his refusal to halt the appeal against Ripple’s recent court victory, despite Gensler’s tenure ending soon.
- Ripple remains confident in its legal position and looks forward to working with the next SEC leader to resolve the matter, as Gensler’s “regulation-by-enforcement” approach continues to face backlash.
In a fiery statement, Ripple CEO Brad Garlinghouse has slammed Gary Gensler, the current chairman of the U.S. Securities and Exchange Commission (SEC), over the agency’s refusal to halt its appeal against Ripple’s recent court victory. This comes amid growing frustration surrounding Gensler’s ongoing stance against Ripple and the broader crypto industry.
Gensler’s Reluctance to Move On
In a tweet on January 15, Garlinghouse voiced his displeasure with the SEC’s decision to reject Ripple’s request to delay the filing of an opening brief in the appeal case. The legal dispute between Ripple and the SEC has been ongoing for several years, with the latest development marking another critical juncture. Despite the fact that Gensler’s tenure at the SEC is coming to a close in just a few days, he appears determined to fight Ripple’s victory “to the bitter end.”
Ripple’s Chief Legal Officer, Stuart Alderoty, also expressed his frustration, calling the SEC’s actions a “waste of time and taxpayer dollars.” He criticized the agency’s persistence, noting that the move to continue the legal battle shows a complete disregard for the American public and the 2024 elections.
Gensler’s ‘Regulation-By-Enforcement’ Approach
Garlinghouse didn’t hold back in his criticism of Gensler, stating that the SEC chair is “completely dismissive” of public sentiment and has remained unwavering in his support of what many view as a failed “regulation-by-enforcement” strategy. Gensler’s aggressive approach to regulating the cryptocurrency industry has been met with pushback from Ripple and many other players in the space, who argue that the SEC’s methods are stifling innovation and creating uncertainty.
Ripple, for its part, remains confident in its position. The company is eager to work with the next SEC leader in hopes of resolving the matter and bringing clarity to the regulatory environment for the crypto industry. However, Garlinghouse’s remarks underscore the ongoing tension between the crypto sector and traditional regulators, with Gensler at the forefront of the battle.
Looking Ahead: A Changing SEC?
As the crypto community eagerly anticipates the incoming SEC leadership, the question remains whether Gensler’s successor will take a more balanced approach to regulation. Ripple is hopeful that a shift in leadership could pave the way for a more constructive dialogue between regulators and the cryptocurrency industry. For now, the battle continues, with Garlinghouse and Alderoty both taking a firm stance against the SEC’s relentless pursuit of Ripple.
This ongoing clash between Ripple and the SEC is far from over, but as the winds of change begin to stir, many are watching closely to see how the next chapter unfolds.
