September 29, 2021, Brazil. In this photo illustration the Ripple (XRP) logo seen displayed on a smartphone
Ripple Labs Chairman, Chris Larsen has once again slammed the SEC’s regulation by enforcement approach.
Amid the grand criticisms, the marketfavor regulator is still actively fighting Ripple and XRP.
Chris Larsen, Ripple Labs founder and Executive Chairman has condemned the United States regulator, the Securities and Exchange Commission (SEC) for always imposing enforcement actions on crypto-based firms as a way of ensuring that its regulations are complied with.
His statement comes after the United States Court of Appeals for the District of Columbia Circuit ruled in favor of Grayscale Investments, stating that the SEC’s rejection of the firm’s application to launch a spot Bitcoin ETF was “arbitrary and capricious.”
Following Ripple’s own lawsuit with the commission, Judge Sarah Netburn equally used the word “hypocrisy” to describe the SEC’s inconsistent positions. Consequently, Larsen has requested that Congress should wade in and put an end to the irrational lawsuits being doled out by the regulator. However, he strongly believes that the end is gradually coming for the SEC citing the series of rejections which the commission is consistently receiving from US courts.
About two months ago, Judge Analisa Torres ruled that XRP is not an investment contract when sold to retail investors on trading platforms despite the fact that the SEC had pursued a different narrative for almost three years. The court’s decision to partially deny the SEC’s motion against the payments firm could potentially serve as a landmark ruling in the crypto ecosystem according to general consensus.
Bill Morgan, a XRP lawyer also highlighted that the SEC is seriously losing out in many of its lawsuits against crypto entities. Just like many lawyers who have been vocal about the present unpleasant situation presented to US firms by the regulator, Morgan pointed out that the SEC’s approach is “absolutely lamentable.”
According to Larsen, San Francisco has been aiming to become the “blockchain capital of the world” but has constantly faced some limitations. According to the veteran crypto pioneer, the U.S. government as well as the SEC is to blame for these obstacles that San Francisco is faced with.
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XRP Lawsuit: SEC is Not Backing Down in Fight Against Ripple
With all of these negative statements being directed at the SEC, the commission seems not to be bothered as it still plans to file a motion for interlocutory appeal. The regulator is questioning whether the Judge’s decision merits a re-examination by an appellate court. In effect, the SEC asked Judge Torres to freeze the case during the appeal.
Based on the letter sent to Judge Torres, the regulator said an “interlocutory review is warranted here,” requesting an immediate review and citing “substantial ground for differences of opinion” and an “intra-district split” that has developed.
Responding to a tweet from defense lawyer James K. Filan, Ripple’s Chief Legal Officer Stuart Alderoty stated that the SEC has no right to appeal the case just yet. Still, the judge granted the request to file a motion of leave for the interlocutory appeal.
As the case evolves, Ripple Labs is getting ready for its victory party for the first half of its lawsuit with the SEC. The grand celebration is set to take place on September 29th.
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