Ripple CEO Brad Garlinghouse Outraged Over XRP Lawsuit and SEC Litigation

16 October 2022, 15:09 GMT+0000
Updated by Ryan James
26 October 2022, 18:35 GMT+0000
In Brief
  • Ripple CEO Brad Garlinghouse stated that he was outraged withe continued legal case.
  • Garlinghouse said no one outside the United States cares about the firm's lawsuit with the SEC.
  • Ripple has scored a strings of minor wins in its case against the commission, boosting XRP price.
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Ripple CEO Brad Garlinghouse revealed he was outraged with the US Securities and Exchange Commission (SEC) over the continued lawsuit against the firm’s native token, XRP.

In an Oct. 15 tweet, Brad Garlinghouse said the SEC had shown no concerns for companies or individuals that its lawsuit against the XRP token would harm. Garlinghouse affirmed Gary Gensler-led commission’s pursuit of a policy objective is not “a faithful allegiance to the law [instead] it’s about power.”

Ripple CEO Brad Garlinghouse continued that the SEC would face no consequences for the lawsuit. He added that the commission “has clearly forgotten that the government works for the people.” Garlinghouse concluded:

“We all should be outraged.”

Brad Garlinghouse made this statement in response to a tweet from a user who noted that the Ripple CEO was increasingly using profanity in his discussions about the SEC’s lawsuit. In response, he said his outrage has been growing as the litigation proceeds.

In a widely circulated online video, Garlinghouse pointed out that no one outside America cares about the lawsuit. According to him, every other country where Ripple is doing business already has an established principle on digital assets.

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Ripple CEO Brad Garlinghouse recently said he anticipates the lawsuit ending during the first half of next year. Regarless, the case between both parties is currently in the summary judgment phase.

Ripple Scores Minor Wins From SEC in XRP Lawsuit

Ripple has scored several minor wins concerning its ongoing lawsuit against the SEC. The crypto firm recently had the court rule in its favor mandating the commission to release former Director William Hinman’s statement on Ethereum.

Popular crypto YouTuber Ben Armstrong (BitBoy Crypto) alleged that Director Hinman accepted bribes to declare ETH a commodity.

Judge Analisa Torres approved the amicus Amicus briefs filed by two third parties (I-Remit and TapJets) who use Ripple’s blockchain technology for their operations.

The strings of recent wins have seen the XRP price rise. The digital currency has risen by 46% over the last 30 days and trades at a value of $0.4830 at press time.

Ripple XRP price
XRP 30-day price performance (Source: Tradingview)

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Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.