Last Updated on October 30, 2023 by Bitfinsider
Ripple CEO Brad Garlinghouse slammed former US Securities and Exchange Commission (SEC) Chair Jay Clayton’s comments on the agency’s regulatory strategy. The SEC has taken a number of regulatory proceedings against cryptocurrency exchanges and companies since the first quarter of 2023.
Clayton stated in an interview with CNBC on June 29, 2023 that the SEC should only seek legal action against specific corporations if they have good legal grounds. He stressed the need of regulatory bodies introducing laws and legal cases that they feel will withstand judicial examination.
Given the SEC’s decision to dismiss the claims without prejudice, the Ripple CEO pointed out that the former SEC chair had brought a lawsuit with minimal likelihood of success in court. In a lawsuit filed in December 2020 against Ripple, Garlinghouse, and Ripple co-founder Christian Larsen, the SEC accused the company and the two executives of conducting a “unregistered, ongoing digital asset securities offering,” alleging that they raised more than $1.3 billion from sales of the XRP XRP token.
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