Ripple executive chairman Chris Larsen and XRP lawyers criticized the U.S. Securities and Exchange Commission (SEC) for its regulation by enforcement policy against crypto.
Federal judges have called the US SEC’s claims “arbitrary and capricious” in the Grayscale lawsuit and Judge Netburn in the Ripple XRP lawsuit used the word “hypocrisy” to describe the SEC’s inconsistent positions. Larsen urges the U.S. Congress to act and end these irrational lawsuits by the SEC.
Ripple executive chairman Chris Larsen on September 7 said the SEC’s policy of regulation by enforcement will possibly end as the courts are rejecting the SEC’s unfair approach toward crypto.
XRP lawyer Bill Morgan also noted that the SEC is losing badly in the courts but continues to appeal against courts’ rulings. He said the SEC’s approach is “absolutely lamentable.” Judges have called the US SEC’s claims “arbitrary and capricious” in the Grayscale lawsuit and Judge Netburn in the Ripple lawsuit used the word “hypocrisy” to describe the SEC’s inconsistent positions.
Ripple executives are confident of victory against the US SEC. The securities regulator has failed to explain the reasoning in the lawsuits and clarify whether the current regulations are sufficient to regulate crypto.