The chief executive of Ripple Labs is sounding off against the U.S. Securities and Exchange Commission (SEC), saying that the regulatory agency doesn’t care about those it harmed with its XRP lawsuit.
Ripple CEO Brad Garlinghouse tells his 662,000 Twitter followers that the SEC’s lawsuit isn’t about upholding the law, but rather consolidating power.
“My outrage has grown as the litigation has unfolded. There is no recourse. There is no consequence to those that brought this lawsuit. The SEC’s pursuit of a policy objective isn’t about ‘A faithful allegiance to the law.’ It’s about power.”
The SEC sued Ripple in late 2020 under allegations that it issued XRP as an unregistered security.
According to Garlinghouse, the SEC has forgotten that it should work for the people rather than against them.
“There is no regard for those companies and people that this approach has harmed. We all should be outraged. The SEC has clearly forgotten that the government works for the people.”
In a recent interview at DC Fintech 2022, Garlinghouse notes that foreign firms willing to partner with Ripple Labs don’t seem to care how the SEC views the sixth-largest crypto asset.
“Most people outside the United States don’t really care that the SEC is suing us… I was in the Middle East last fall and we were meeting with customers… We’re meeting with the CEO of a payments company. The employee from team Ripple says, ‘Why don’t you give an update on what’s going on with Ripple?’ I start talking about the SEC.
After the meeting, he very delicately says to me, ‘No one gives a sh*t.’
His point was if you’re not in the United States, the government in Abu Dhabi, the government in Switzerland, the governments in Singapore, the UK, Japan, they provided the clarity in how they view and categorize digital assets, and they don’t care that the SEC has a viewpoint pending in court.”
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Featured Image: Shutterstock/jovan vitanovski