According to CryptoSlate, Ripple CEO Brad Garlinghouse said in an interview with Bloomberg that the US SEC has always prioritized "politics and power" rather than formulating "sound policies."
Garglinghouse reiterated his criticism of the regulator, saying that instead of providing clear rules for the cryptocurrency industry, the SEC has been creating confusion in the market. He said: "They (the SEC) knew there was confusion and actually did something that they knew would increase the confusion, and the only reason they did that was that this confusion was actually disguised as the SEC's power."
He said the ruling in the Ripple case, which held that XRP itself was not a security, cleared up some of the confusion created by the SEC. The ruling provided much-needed clarity for the entire U.S. market and was therefore "a win for the entire crypto industry."
Garglinghouse further stated that the ruling reduces the scope of “overreach” by SEC Chairman Gary Gensler, who claimed that most cryptocurrencies are securities.
Garglinghouse highlighted the significance of the Ripple ruling, saying it was “the first time the SEC has lost a cryptocurrency case.” In fact, he said the SEC has gone largely unchallenged as the regulator has been targeting smaller companies.