The ongoing clash between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) shows no signs of resolution. Recently, Ripple’s executives took to social media to voice their discontent, claiming that the SEC has disregarded a recent court ruling regarding XRP.
Stuart Alderoty, Ripple’s Chief Legal Officer, continues to challenge the SEC’s assertion that XRP qualifies as a security, despite a favorable ruling from the court. Ripple’s CEO, Brad Garlinghouse, has gone so far as to label the SEC a “renegade agency” in his public statements.
Ripple, which was established in 2012 and rebranded as Ripple Labs in 2013, quickly made a name for itself in the cryptocurrency sector, particularly with its innovative approach to cross-border payments. However, this success attracted scrutiny from the SEC, which has been investigating the company for several years, claiming that XRP is a security.
A recent legal win for Ripple came in the Bitnomial case, where a U.S. District Judge ruled that XRP Futures contracts do not fall under the SEC’s jurisdiction, reinforcing the argument that XRP is not a security. This ruling was seen as a significant victory for Ripple and its advocates.
Despite this progress, the SEC remains steadfast in its position, continuing to classify XRP as a security. Ripple’s legal team has criticized the SEC for ignoring the court’s decision, arguing that such actions undermine the agency’s credibility. Alderoty has described the SEC’s stance as unconstitutional, while Garlinghouse has expressed frustration over the agency’s perceived disregard for the law.
Support for Ripple extends beyond the cryptocurrency community, with legal experts questioning the SEC’s motives and actions. Recent criticisms of the SEC’s conduct in other cases have only intensified scrutiny of its approach to Ripple.
