New York, USA – The CEO of Ripple, Brad Garlinghouse, describes the case filed by SEC or Securities and Exchange Commission as farcical, referring to the standards and due process of SEC.
Brad Garlinghouse, the CEO of Ripple, didn’t hold back in describing the case filed by SEC as farcical. He mentioned the maintenance of improbable due process and fair notice standards. Aside from that, the CEO suggested that not everyone is safe since SEC might plot reinforcement against anyone in the future.
As per Garlinghouse, the lawsuit filed by SEC is not about Ripple alone. It’s all about the due process and fair notice standards they can regulate through enforcement, especially on cryptocurrency innovation.
Roslyn Layton shared how the case against this blockchain company resulted in a blowback level, which a few people expected. Layton stated that nobody expected the tsunami of political, social media, and legal action from retaining digital asset investors. Aside from that, the overriding consequence witnessed an erosion of the credibility of the SEC.
SEC somehow scored a rare win after the motion is filed to force discovery of details on the communications of Ripple’s Slack messaging form. At first, Ripple opposed this motion since they mentioned how unnecessary it is and costly.
On Wednesday, September 1, the US or the United States court approved the motion filed by SEC for Ripple to disclose the necessary information. Ripple is not searching and producing the important Slack communication from 22 custodians, which SEC identified.
On another note, Ripple has a motion to counter the motion of SEC where it requests SEC to answer if Ether is a security or not. Atty. Jeremy Hogan stated that this motion would weaken the standing of the SEC regarding the case.
Gary Gensler, the SEC Chairman, didn’t want to answer the same question in the past month. The response supports the view of SEC, which he didn’t want to disclose at all. However, the court is finalizing the answer, which overwhelmed SEC in receiving responses.
