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Ripple’s ongoing battle with the U.S. Securities and Exchange Commission (SEC) takes another twist as Ripple CEO, Brad Garlinghouse, openly dismisses the idea of settling with the agency. His sentiments were echoed by prominent attorney Jeremy Hogan, adding fuel to the speculation fire.
Ripple’s Defiant Stance
Garlinghouse took to Twitter to express his frustration with SEC Chair, Gary Gensler, dismissing his proclaimed “pro-innovation” posture as laughable. He further criticized the SEC’s approach to cryptocurrencies, suggesting that their lawsuit spree was a desperate attempt to divert attention from their failed handling of the FTX situation.
He said, “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.”
This potent critique attracted the attention of an intrigued Twitter user who, quoting Garlinghouse’s tweet, posed a question to attorney Jeremy Hogan. They queried whether Ripple’s vehement stance implies the likelihood of a trial or an appeal to a higher court. Hogan, well-known in the crypto law sphere, responded, “I would say that any talk of ‘settlement’ was…premature.”
The SEC’s Legal Blitz
The SEC has recently trained its sights on other crypto heavyweights, filing lawsuits against both Binance and Coinbase. These legal actions have sent ripples throughout the cryptocurrency industry, leading to increased scrutiny of the regulator’s strategies and motivations.
Interestingly, amidst the legal tumult, keen observers noted an unusual absence in the SEC’s case against Coinbase. There was no mention whatsoever of Ripple’s XRP. This curious detail has sparked speculation and raised questions regarding the regulator’s stance on Ripple and its token amidst the escalating legal warfare.