Ripple CEO Slams SEC as Legal Battle Intensifies, XRP Rises Over 9%
The ongoing feud between Ripple and the U.S. Securities and Exchange Commission (SEC) has reached new heights as Ripple’s leadership harshly criticizes the regulatory body’s legal approach. Amidst the escalating tensions, Ripple’s XRP token has seen a significant surge in trading, climbing over 9% to nearly $2.70.
Ripple CEO Calls Out SEC Chair Over “Failed Agenda”
Ripple CEO Brad Garlinghouse publicly criticized SEC Chairman Gary Gensler, accusing him of pushing a “regulation by enforcement” strategy during his tenure. Gensler, set to step down on January 20, 2025, has been a contentious figure in the SEC’s aggressive oversight of the cryptocurrency industry.
In a strongly worded statement on Twitter, Garlinghouse claimed Gensler’s actions are dismissive of public concerns and the broader implications of the 2024 elections, stating:
“Gensler, very much on brand – completely dismissive of the 2024 election and the American public – fully commits to his failed ‘regulation-by-enforcement agenda to the bitter, bitter end. #Sad”
The Ripple CEO’s remarks reflect the growing frustration within the crypto community regarding the SEC’s approach to regulation.
Ripple’s Legal Team Challenges SEC’s Appeal Strategy
Ripple’s Chief Legal Officer, Stuart Alderoty, joined the criticism, revealing that the SEC rejected Ripple’s request to delay filing its appeal brief, due January 15. Alderoty called the refusal “unnecessary,” but expressed confidence in Ripple’s legal standing. He also shared optimism that the ongoing case could see a resolution under new SEC leadership.
Ripple’s leadership remains steadfast, signaling their intent to challenge the SEC’s claims while pushing for greater clarity in cryptocurrency regulation.
XRP Rallies Despite Legal Uncertainty
Despite the heated legal battle, XRP has shown resilience, climbing over 9% in value to trade near $2.70. This surge highlights growing investor confidence in Ripple’s potential to emerge victorious in its fight against the SEC.
The Ripple vs. SEC Saga: A Long-Standing Battle
The Ripple-SEC legal dispute began in 2020, with the SEC alleging that Ripple violated securities laws by selling XRP without registering it as a security. Ripple denies these claims, arguing that XRP is a digital asset comparable to Bitcoin (BTC) or Ethereum (ETH)—both of which the SEC has not classified as securities.
A major twist in the case occurred in August 2024, when a court ordered Ripple to pay $125 million in penalties. The SEC subsequently filed an appeal, setting the stage for continued legal proceedings. Ripple’s recent request to delay filing its appeal brief was denied, further intensifying the standoff.
What’s Next for Ripple and the SEC?
As the legal battle continues, Ripple remains optimistic about its chances under the incoming SEC leadership. Meanwhile, XRP’s price surge underscores the market’s belief in Ripple’s potential to overcome regulatory hurdles and reinforce its standing in the crypto industry.
With Gensler’s departure imminent, the crypto world watches closely, anticipating how new leadership at the SEC might reshape the regulatory landscape—and the outcome of this high-stakes case.
Stay tuned for updates as this legal showdown unfolds.
