Ripple CEO Brad Garlinghouse claimed in a tweet on Saturday that the US Securities and Exchange Commission (SEC) had forgotten its duty to consumers with its recent campaign of regulation by enforcement.
“There is no regard for those companies and people that this approach has harmed,” Garlinghouse said, expressing outrage for the regulatory approach of the SEC. “We all should be outraged. The SEC has clearly forgotten that the government works for the people.”
The CEO of Ripple expressed disappointment that the SEC has nothing to lose by suing the payments company. Notably, the government funds the commission with taxpayer dollars. The commission has recently hoped to obtain more funding to expand its crypto enforcement arm, despite nearly doubling its workforce recently.
The SEC named Garlinghouse, Ripple co-founder Chris Larsen, and Ripple in a lawsuit in December 2020, alleging that XRP is unregistered security. Despite the SEC’s primary responsibility to protect consumers, there is a case to be made that the biggest losers in this legal battle have been XRP holders and businesses in the United States that use XRP and the XRP Ledger.
Specifically, Crypto Eri expressed similar sentiments in a tweet last week in response to I-amicus Remit’s brief in support of Ripple. RippleNet, through its On-Demand Liquidity (ODL) service, provides XRP as a bridge currency for international settlements. The firm pointed out that the SEC had conveniently ignored this utility.
Read article: Ripple Expands Into France And Sweden With Its ODL Division