Ripple executive chairman Chris Larsen and XRP lawyers criticized the U.S. Securities and Exchange Commission (SEC) for its regulation by enforcement policy against crypto. Federal judges have called the US SEC’s claims “arbitrary and capricious” in the Grayscale lawsuit and Judge Netburn in the Ripple XRP lawsuit used the word “hypocrisy” to describe the SEC’s inconsistent positions. Larsen urges the U.S. Congress to act and end these irrational lawsuits by the SEC.
The End Of SEC’s Regulation By Enforcement
Ripple executive chairman Chris Larsen on September 7 said the SEC’s policy of regulation by enforcement will possibly end as the courts are rejecting the SEC’s unfair approach toward crypto. He also urges the U.S. Congress to act on the SEC and Chair Gary Gensler’s practice to destroy the industry.
“I sincerely hope we’re seeing the beginning of the end of the SEC’s policy of regulation by enforcement. The Courts are rejecting it, and now it’s time for Congress to take the lead on crypto policy.”
XRP lawyer Bill Morgan also noted that the SEC is losing badly in the courts but continues to appeal against courts’ rulings. He said the SEC’s approach is “absolutely lamentable.” Judges have called the US SEC’s claims “arbitrary and capricious” in the Grayscale lawsuit and Judge Netburn in the Ripple lawsuit used the word “hypocrisy” to describe the SEC’s inconsistent positions.
I surmise the SEC tide has turned.
For example, the SEC's lawsuit against Impact Theory concluded with a $5 million disgorgement (which is nothing to laugh at), but that is based on total sales of almost $30 million.
This seems a relatively kinder, gentler SEC. Almost cuddly. https://t.co/HzVFCu6xRd
— Jeremy Hogan (@attorneyjeremy1) September 6, 2023
Ripple executives are confident of victory against the US SEC. The securities regulator has failed to explain the reasoning in the lawsuits and clarify whether the current regulations are sufficient to regulate crypto.
Chris Larsen in an interview on Bloomberg on September 6 blamed the US government and the SEC for hostile policy preventing San Francisco from becoming the “blockchain capital of the world.”
XRP price fell 0.5%% in the past 24 hours, with the price currently trading at $0.49. The 24-hour low and high are $0.493 and $0.503, respectively.
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