Ripple's CEO has taken a more aggressive stance against the U.S. Securities and Exchange Commission (SEC), accusing the agency of ignoring a court ruling that XRP is not a security and overstepping its legal bounds. His comments come after Bitnomial Exchange filed a lawsuit against the SEC, contesting the regulator's authority over XRP futures. The case has heightened tensions between cryptocurrency companies and the SEC over perceived regulatory overreach.

Ripple CEO Accuses SEC of Exceeding Its Jurisdiction in XRP Futures Lawsuit

Ripple CEO Brad Garlinghouse continues to be vocal in his opposition to the United States Securities and Exchange Commission (SEC), particularly regarding ongoing legal actions related to XRP and Ripple’s appeal of the case.

His latest response follows a lawsuit filed by crypto derivatives platform Bitnomial against the SEC over XRP futures. Bitnomial stated: “Bitnomial Exchange LLC filed a lawsuit against the SEC to prevent them from exceeding their statutory authority and asserting general jurisdiction over Bitnomial’s XRP futures contracts, which are under the exclusive jurisdiction of the CFTC.” Responding to the statement on social media platform X, Garlinghouse expressed his frustration on Friday:

A new low for a renegade agency that many thought could not sink any lower. The SEC now believes it can operate above the law, ignoring a court ruling that XRP is not a security.

“The Ripple team will be monitoring closely and considering our own options to hold the SEC accountable,” the Ripple CEO added.

Bitnomial’s legal challenge to the SEC focuses on the agency’s claims of general oversight of XRP futures. The exchange argues that regulation of these contracts should fall solely to the Commodity Futures Trading Commission (CFTC).

Bitnomial, arguing that XRP futures are not securities, has accused the SEC of exceeding its regulatory authority. The case underscores growing tensions between the SEC and cryptocurrency businesses, many of which argue that the agency’s actions stifle innovation and overstep its regulatory authority. Garlinghouse, in line with Bitnomial’s stance, reiterated his concerns about what he sees as the SEC’s continued overreach.

Ripple has faced its own legal challenges from the SEC since December 2020, when the agency sued the cryptocurrency company for allegedly conducting an unregistered securities offering by selling $1.3 billion worth of XRP. Ripple has maintained that XRP is not a security. In July 2023, Ripple won a partial victory when U.S. District Judge Analisa Torres ruled that programmatic sales of XRP on public exchanges do not constitute securities. However, she also ruled that direct sales to institutional investors could be considered securities.

The SEC filed a formal appeal against Judge Torres’ ruling earlier this month, prompting Ripple to file a cross-appeal. These legal disputes reflect broader conflicts between the SEC and the crypto industry over regulatory authority. Ripple’s legal counsel, led by Chief Legal Officer Stuart Alderoty, has also raised concerns about the SEC’s actions, arguing that they could challenge constitutional boundaries regarding the agency’s jurisdiction.

What do you think about Ripple’s ongoing dispute with the SEC and the growing disconnect between regulators and the crypto industry? Share your views in the comments below.
#binance #wendy #bitcoin #xrp $BTC $ETH $BNB