Ripple Labs CEO bgarlinghouse has again lashed out at the SECgov, arguing its enforcement approach to crypto has only led to consumers 'holding the bag' in bankruptcy court.
“Respectfully, those portions of Ripple were wrongly decided, and this Court should not follow them,” SEC lawyers wrote, asserting that these sales of XRP should have been deemed securities.
“SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review,” they added.Speaking directly to the SEC’s comments, Garlinghouse said it was “absurd” to blame a judge for simply applying the law. "We all know legislation — not more regulation by enforcement — is the only way forward to provide clear rules and protect retail,” he added.
Ripple Labs chief legal officer Stuart Alderoty chimed in with comments of his own, saying that trying to explain that XRP isn’t a security is like “explaining to a flat earther that the world is round.” Talking to someone who still doesn’t understand that the token itself is not the security is like explaining to a flat earther that the world is round.
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