Ripple vs. The SEC has been an ongoing feud since 2020, and things keep getting more complex. Now, Ripple CEO, Brad Garlinghouse, has expressed distaste about the SEC’s attempt to expand its jurisdiction instead of implementing the law.
The tweet came after Stuart Alderoty, Ripple Labs’ General Counsel, stated how the SEC has failed to identify any investment contract even after two years. Similarly, James Filan, one of the attorneys representing Ripple, also demanded a verdict on the ongoing trial.
After the SEC sued XRP in 2020, the asset lost over 90% market value. Most investors expected to see Ripple file for bankruptcy as the SEC dialed in on them. However, the past few years have seen XRP return and maintain its relevance.
During the period, the US Securities and Exchange Commission has also filed cases against other crypto ventures. Even Coinbase, one of the biggest crypto platforms, frustrated funding a lawsuit challenging the sanctions on Tornado Cash.
Brad Garlinghouse did not take long to express displeasure at what seemed like a persecutory attitude towards the SEC. Some believe that the SEC has filed a motion regarding Ripple Labs’ conviction on charges that it traded securities without permission.
The SEC recently covered the identity of witnesses to save them from retaliation. The lawsuit has already witnessed the testimony of names like Binance. While it started as a testimony, their involvement also led to an investigation being formulated against Binance.
Chairman Gensler appears to be running a crusade against the crypto world, which the Chairman deems dangerous for investors. Without a clear advantage in a case extending for two years, the momentum has shifted from the beginning.
While Ripple Labs were on the back foot for a while, the market has since started to support the company. Even the recent court events seem to favor Ripple, which explains the string of tweets made by Ripple Labs associates.
Nonetheless, the fact remains that the case does not seem to be going anywhere, making it harder for the SEC to maintain the pressure.