In a bold condemnation of the U.S. Securities and Exchange Commission (SEC), Chris Larsen, the Executive Chairman of Ripple, and legal representatives for XRP have taken a strong stance against the regulatory body’s aggressive approach to overseeing the cryptocurrency sphere. Federal judges have openly questioned the SEC’s strategies, branding them as “arbitrary and capricious” during recent legal skirmishes.
Chris Larsen, the prominent figurehead of Ripple, boldly opposed the SEC’s strategy of enforcing regulation through punitive actions today. He highlighted the shifting tide favoring the cryptocurrency industry, with courts growing reluctant to endorse the SEC’s corrective measures. In a heartfelt appeal to the U.S. Congress, Larsen implored them to step in and end what he characterized as senseless lawsuits instigated by the SEC.
In the crypto sphere, XRP lawyer Bill Morgan joined the chorus, condemning the SEC’s persistent appeals despite a series of courtroom defeats. Morgan criticized the SEC’s approach, while judges in the Grayscale lawsuit called their claims erratic, and Judge Netburn, overseeing the Ripple case, deemed their positions hypocritical.
Ripple’s Confidence Amid SEC Regulatory Uncertainty
Despite the ongoing legal disputes, Ripple’s leadership remains optimistic about its chances against the SEC. Their argument centers around the SEC’s lack of clarity on the reasons for their lawsuits and their failure to specify whether the existing regulatory framework is adequate for supervising the cryptocurrency industry.
In an interview on Bloomberg on September 6, Chris Larsen didn’t hold back in assigning blame to the U.S. government and the SEC for their perceived hostile stance. He argued that their policies were hindering San Francisco’s aspirations to become the “blockchain capital of the world.”
Amid Regulatory Headwinds, XRP Sees Minor Downturn Today. XRP dipped by 0.42% over the past 24 hours, trading at $0.4988. Its daily range saw a low of $0.493 and a high of $0.503. As the crypto space faces heightened regulatory scrutiny, the ongoing Ripple-SEC clash remains a focal point, casting uncertainty over XRP and broader crypto regulatory matters
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