Ripple CEO Brad Garlinghouse has harshly criticized the US Securities and Exchange Commission (SEC) after the regulator stated its intention to appeal the court’s recent ruling. The ruling has stated that sales of XRP to retail traders are not considered securities, but the SEC’s move to “review” has raised fears of a protracted legal battle.
Garlinghouse highlighted the SEC’s role in creating the current situation, accusing the agency of claiming jurisdiction over the crypto space without any legal basis. He criticized the SEC for holding press conferences while consumers suffered in bankruptcy court.
Ripple executives stress the need for legislative clarity and clear rules to protect retail investors instead of relying on enforcement of regulations. Many industry experts and US lawmakers share this sentiment, stating that the SEC is overstepping its regulatory powers.
SEC chairman Gary Gensler expressed “disappointment” at the court’s decision which further fueled ongoing regulatory uncertainty. The SEC remains committed to enforcing action against non-compliant companies in the crypto industry.
News of the favorable court ruling led to an 80% jump in the value of Ripple tokens, with XRP hitting a fifteen-month high of $0.95. However, the price of the token has since retreated, suffering a 7.5% drop over the weekend and a 15% drop from last week’s high.
Currently trading at $0.727, XRP has seen a 56% gain over the past two weeks, but the ongoing regulatory uncertainty is taking a toll on its price stability.