In response to a user’s tweet, Ripple CEO Brad Garlinghouse has expressed his persistent anger with the legal action the SEC brought against the business.
The Ripple CEO voiced his deep disapproval on Twitter, “My outrage has grown as the litigation has unfolded. There is no recourse, there is no consequence for those that brought this lawsuit. The SEC’s pursuit of a policy objective isn’t about a faithful allegiance to the law. It’s about power.”
Garlinghouse also draws attention to the SEC’s blatant lack of concern for individuals and companies that have been hurt by the agency’s approach. He added, “There is no regard for those companies and people that this approach has harmed. We all should be outraged. The SEC has forgotten that the government works for the people.”
In a 2020 suit, the SEC accused Ripple and its top executives of selling unregistered securities. According to John Deaton, the CryptoLaw founder, the SEC’s actions against XRP have cost investors about $15 billion in losses.
Both the SEC and Ripple submitted motions for summary judgment in September, requesting that District Judge Analisa Torres rule based on the facts provided in their respective filings. The SEC has also requested an uncontested decision in its favor.
As reported by U.Today, Ripple CEO Brad Garlinghouse slammed the SEC, stating it was not “interested in applying the law” as the agency claims that a purchase of XRP is “an investment in a common enterprise.”
In positive expectations, Brad Garlinghouse stated during DC Fintech Week that the lawsuit might see a resolution in the first half of 2023, “Whether that’s the first quarter or second quarter, we shall see.”