- Ripple CEO Brad Garlinghouse went to Fox Business today to discuss the latest developments in the company’s lawsuit.
- Garlinghouse said the SEC had “lost its way” and was “cuckoo for cocoa puffs.”
- XRP is up 17% in the run-up to the Garlinghouse TV appearance.
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XRP is rising after Ripple Labs CEO Brad Garlinghouse criticized the Securities and Exchange Commission in a televised interview today. Ripple is currently involved in a lawsuit from the Securities and Exchange Commission, which alleges it sold $1.3 billion in unregistered securities. However, there are many who argue that the Securities and Exchange Commission has handled the issue poorly in several crucial steps.
Today Brad Garlinghouse, CEO of Ripple advertiser In Fox Business that the Securities and Exchange Commission (SEC) “got its way” and was the “cuckoo of cocoa puffs.”
“As the summary judgment filings were made public, people realized that the SEC really went overboard,” Garlinghouse said. “They really don’t follow a loyal allegiance to the law – that’s a quote from the judge in this case.” He added, “We believe [the judge] He has the information needed to make a judgment and we think it is very clear that the SEC has significantly exceeded its authority.”
Ripple’s token, XRP, is already up 6% on the day, an additional 18% in the lead up to Garlinghouse’s appearance and comments. according to Queen GekkoIt is currently trading at $0.48, up 61.64% from its summer lows – but still 85% below its all-time high of $3.40, reached in January 2018.
Supreme Education Council Foot Ripple, Garlinghouse and Ripple co-founder Christian Larsen sued in December 2020 over the sale of $1.3 billion in unregistered securities. But Ripple has consistently argued that XRP fails Howey’s test and therefore does not meet the criteria for being considered a security.
Garlinghouse repeated that claim on TV today. ‘The first step is to identify [whether XRP could] Be a guarantee, do you have to have an investment contract. Our view is that Ripple does not have a contract. With whom to contract? It’s not a written contract, it’s not a verbal contract, it’s not an implied contract.” US District Judge Sarah Netburn, who is overseeing the case, also recently Criticize The Securities and Exchange Commission on litigation tactics, calling them hypocritical. No judgment date has yet been set.
Disclosure: At the time of writing, the author of this article owns BTC, ETH, and many other cryptocurrencies.
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