The CEO of the blockchain startup Ripple has some harsh words for the U.S. SEC as the legal struggle between the two parties continues.
In a statement released on September 23, Ripple CEO Brad Garlinghouse called the SEC a “bully” aiming to “regulate via enforcement.”
As the CEO of Ripple pointed out in an interview, his firm has seen 95 percent of its growth come from consumers outside the United States “partly because the rules of the road are clear in some countries,” and also due to the SEC’s regulating practices:
The SEC is taking an enforcement-first approach to regulation. In comparison to “let’s perform the job, let’s offer the clarification,” that approach is very wasteful.
In addition, Garlinghouse called the SEC a bully that forces cryptocurrency firms to give up because they cannot afford to spend time and money on lengthy lawsuits:
He said The Securities and Exchange Commission (SEC) has earned, the label of a bully. Quite a few of the guys the SEC has been chasing have had little choice but to throw in the towel.
In addition, he brought up the fact that the company “invested over one hundred million dollars defending in a suit that we have attempted to move ahead as fast as we can.”
Garlinghouse cited the SEC’s deliberate delay in turning over the notes from a previous case in which it argued Ethereum (ETH) was not secure as evidence of the agency’s bad faith.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.