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Ripple CEO Objects to SEC Remarks

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Brad Garlinghouse, the CEO of Ripple, expressed vehement opposition to the former Chair of the United States Securities and Exchange Commission (SEC), Jay Clayton, and his stance on the SEC’s regulatory strategy. As of the first quarter of 2023, the SEC has initiated a series of regulatory actions targeting cryptocurrency exchanges and companies.

During an exclusive interview with CNBC on June 29, 2023, Clayton articulated his perspective on the SEC’s approach, advocating for legal action against specific companies only when there exists a strong legal foundation. He underscored the importance for regulatory bodies to introduce regulations and legal cases that demonstrate resilience in the face of judicial scrutiny.

Following the SEC’s decision to dismiss the allegations without prejudice, the CEO of Ripple pointedly reminded everyone that the former SEC Chair had initiated a lawsuit with dubious prospects of success in the courtroom. This legal battle, launched against Ripple, Brad Garlinghouse, and Ripple’s co-founder, Christian Larsen, in December 2020, accused the company and its executives of engaging in an “unregistered, ongoing digital asset securities offering,” alleging they had raised more than $1.3 billion through the sale of the XRP Token, currently valued at $0.56.

The statements made by Clayton in June 2023 have garnered significant attention, particularly in the context of recent developments in the legal proceedings involving Garlinghouse and Larsen. As previously reported, the SEC moved to dismiss the charges against these executives in October.

This decision by the SEC comes in the wake of Judge Analisa Torres’s ruling, which partially favored Ripple in July, as it determined that retail sales of the XRP token did not meet the legal criteria for a security. However, the court did find that Ripple had violated securities laws by directly selling XRP tokens to institutional investors.

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