Ripple’s executive chairman, Chris Larsen, along with XRP lawyers, has strongly criticized the U.S. Securities and Exchange Commission (SEC) for its policy of regulation by enforcement against the cryptocurrency industry. Larsen believes that this approach may come to an end as courts are increasingly rejecting the SEC’s unfair tactics.
In recent lawsuits, federal judges have criticized the SEC’s claims, calling them “arbitrary and capricious” in the Grayscale case. Additionally, Judge Netburn, who presided over the Ripple XRP lawsuit, used the term “hypocrisy” to describe the SEC’s inconsistent positions. These rulings have highlighted the flaws in the SEC’s regulatory approach.
Larsen has called upon the U.S. Congress to take action and put an end to these irrational lawsuits initiated by the SEC. He believes that the SEC, under the leadership of Chair Gary Gensler, is actively working to stifle the growth of the crypto industry.
XRP lawyer Bill Morgan has also expressed his disappointment with the SEC’s behavior, noting that despite losing in court, the SEC continues to appeal against the rulings. He described the SEC’s approach as “absolutely lamentable.”
Ripple executives remain confident in their case against the SEC. They argue that the SEC has failed to provide clear reasoning for its actions and has not clarified whether existing regulations are sufficient to govern the crypto space.
During an interview on Bloomberg, Larsen blamed the U.S. government and the SEC for adopting a hostile policy that hinders San Francisco’s potential to become the “blockchain capital of the world.”
In the midst of these legal battles, the price of XRP has experienced a slight decline of 0.5% in the past 24 hours, with the current trading price at $0.49. The 24-hour low and high for XRP are $0.493 and $0.503, respectively.