Ripple Labs CEO Brad Garlinghouse called the Securities and Exchange Commission a “bully” after getting a partial win from a judge’s ruling this week.
The SEC has cracked down on the industry in a mission to protect investors, ramping up enforcement actions over the past year.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Ripple Labs CEO Brad Garlinghouse called the Securities and Exchange Commission a “bully” on Friday, a day after obtaining what it described as a win in an ongoing legal dispute.
Ripple pocketed the victory on Thursday after a federal judge ruled that some of its sales of XRP did not fully meet the definition of a securities offering. XRP’s value subsequently“I think the SEC has been a bully, and they’ve gone after weak players who couldn’t mount a proper defense,” Garlinghouse said Friday in an interview withThe SEC accused Ripple in 2020 of illegally raising $1.3 billion through the sale of XRP.
In the first months of 2023, the SEC ramped up its crypto enforcement, according to an updated June report from consulting firmAs of June 6, the agency brought 24 enforcement actions, including litigation and administrative proceedings. In 2022, the agency brought 30 enforcement actions total, which was aThe SEC and Ripple could still appeal the judge’s decision. An appeal from the SEC could take years, Garlinghouse told Bloomberg.
“The court agreed with the SEC that the Howey test governs the securities analysis of crypto transactions and rejected Ripple’s made-up test as to what constitutes an investment contract, instead emphasizing that Howey and subsequent cases have held that a variety of tangible and intangible assets can serve as the subject of an investment contract,” the SEC said in a© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only.
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