Ripple CEO Brad Garlinghouse Criticizes SEC For Ignoring XRP Lawsuit

Key Points:

• Ripple CEO Brad Garlinghouse criticized the SEC for ignoring a court ruling that XRP is not a security.
• Ripple CLO Stuart Alderoty accused the SEC of undermining its credibility by taking unconstitutional and aggressive actions in the case.

Ripple CEO Brad Garlinghouse has gone ham on the United States Securities and Exchange Commission for failing to pay attention to a court decision that termed XRP a non-security.

Read more: Ripple Custody Service Promises Unmatched Security for Your Crypto Holdings 

Ripple CEO Brad Garlinghouse Slams SEC Over XRP Court Ruling Disregard

Off the back of the recent move by the SEC to hold on to its position in the Bitnomial case, where the crypto derivatives exchange objected to the designation of the XRP futures as “security futures,” Ripple CEO Brad Garlinghouse expressed his frustration.

Recently, in a tweet, Garlinghouse attacked the regulator for behaving like a law unto itself as it refused to accept the court’s pronouncement. The case that went to the court had concluded that XRP was not a security, while this regulator insists otherwise, especially in the case between itself and Bitnomial.

Stuart Alderoty also expressed disappointment with the way the SEC conducted its affairs. He went further to assail the SEC for what he described as unconstitutional and over-aggressive conduct in the case, which he believed was weakening confidence in the agency.

Bitnomial Challenges SEC’s Classification of XRP Futures

The disagreement with Bitnomial is over the SEC classifying XRP futures as falling under its ambit, though the court has decided that XRP itself isn’t considered to be a security. Bitnomial insists that XRP futures are controlled by the CFTC, not the SEC. In the court filing, the exchange charged the SEC with exceeding its authority and placing the exchanges under unwanted and unnecessary regulatory burdens.

The challenge from Bitnomial is the most recent salvo in an ongoing battle between the SEC and crypto over the regulation of digital assets. In its filing, the exchange joined Ripple’s argument that the SEC’s position squares up directly against the court’s decision.

While the SEC has kept appealing, XRP has stayed below $0.55, awaiting further developments in the ongoing legal battle.