Ripple Execs Criticize SEC as XRP Token Sees Increased Trading Activity

Ripple CEO Brad Garlinghouse criticized SEC Chairman Gary Gensler, accusing him of continuing a “regulation by enforcement” agenda.

Ripple executives have slammed the U.S. Securities and Exchange Commission over its recent approach and legal tactics, as XRP sees a surge in trading.

Ripple CEO Brad Garlinghouse took aim at SEC Chairman Gary Gensler, accusing him of continuing a “regulation by enforcement” agenda. Gensler, who is set to step down on Jan. 20, has been at the heart of the SEC’s attempts to regulate the crypto industry.

Garlinghouse suggested that these efforts ignore broader public concerns and the upcoming 2024 elections.

Gensler, very much on brand – completely dismissive of the 2024 election and the American public – fully commits to his failed ‘regulation-by-enforcement agenda to the bitter, bitter end. #Sad

https://t.co/1FEzB8d13o

Chief Legal Officer Stuart Alderoty piled on the criticism, revealing that the SEC had denied Ripple’s request to delay filing its appeal brief, which is due January 15.

Alderoty called the decision unnecessary but said that Ripple remained confident in its legal position and expressed hope that the case would be resolved under new SEC leadership.

Meanwhile, the price of XRP surged over 9%, trading close to $2.70.

Ripple vs. SEC

Ripple and the SEC have been locked in a legal battle since 2020. The SEC claims that Ripple violated securities laws by selling XRP, a cryptocurrency, without registering it as a security.

Ripple disputes the claims, arguing that XRP is a digital asset like Bitcoin (BTC) or Ethereum (ETH), which the SEC has not classified as securities.

The case took a major twist in August 2024 when a court ordered Ripple to pay a $125 million penalty. The SEC later appealed the decision, and Ripple’s recent request to delay filing its appeal brief was denied by the agency.