Ripple executives have criticized the SEC over its recent approach and legal strategies, as Ripple's XRP token sees increased trading activity.
Ripple CEO Brad Garlinghouse criticized second Chairman Gary Gensler, accusing him of pursuing a “regulation by enforcement” agenda. Gensler, who is scheduled to step down on January 20, has been a central figure in the SEC's efforts to regulate the cryptocurrency industry.
These efforts ignore broader public concerns and the impact of the 2024 election, Garlinghouse suggested.
Legal Director Stuart Aldroty He added to criticism, announcing that the SEC had rejected Ripple's request to delay the filing of its appeal brief, which is scheduled for January 15.
Alderotti described the decision as unnecessary, but reaffirmed Ripple's confidence in its legal position. He expressed optimism that the issue would reach a resolution under the new leadership of the SEC.
XRP coin price acquired More than 9% to nearly $2.70.
Ripple vs. SEC
Ripple and SEC He was in court Since 2020. The SEC claims so ripple He violated securities laws by selling XRP, a cryptocurrency, without registering it as a security.
Ripple denies the allegations, arguing that XRP is a digital asset similar to Bitcoin (Bitcoin) or Ethereum (Ethereum), which are not classified as securities by the Securities and Exchange Commission.
The dispute took a major turn in August 2024 when the court ordered Ripple to pay $125 million in fines. The SEC later appealed the decision, and the agency denied Ripple's latest request to delay filing its appellate brief.
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