• Ripple CEO Brad Garlinghouse expressed his disappointment with the SEC chair’s recent remarks about crypto regulations.
• XRP token has witnessed a massive price surge in the last week and its trading volume is currently at $2 billion.
• Pro-XRP attorneys have stated that Ripple executives‘ constant criticism of the SEC shows they have no intention to settle the lawsuit.
Ripple CEO Criticizes The SEC
Ripple CEO Brad Garlinghouse recently expressed his „disappointment“ with Securities and Exchange Commission (SEC) Chairman Gary Gensler’s recent remarks about cryptocurrency regulations. On Twitter, Garlinghouse urged American lawmakers to pay attention and consider legislation for the crypto industry. Gensler had previously asserted that existing securities laws are sufficient to regulate cryptocurrencies without any new laws being required during a House Appropriations Committee hearing on Wednesday.
XRP Price Surge
The XRP token has buzzed on social media with massive price surges over 25% in a week and 44.5% in the last 14 days. At the time of writing, XRP traded at $0.532, with a 24-hour trading volume of $2 billion and a market cap of $27 billion. However, today, it is facing slight declines as it is declining by around 2%.
No Intention To Settle Lawsuit?
A pro-XRP attorney has pointed out that Ripple executives‘ constant criticism of the SEC demonstrates that they have no intention to settle their ongoing lawsuit against the regulator. The XRP community is still waiting for Ripple’s anticipated wins against the case filed by the SEC which accuses them of conducting an unregistered securities offering worth over $1 billion through sales of their native digital asset XRP since 2013.
SEC Regulations Needed?
With his latest tweets, Brad Garlinghouse criticized Gensler for asserting that he decides what qualifies as a security rather than relying on statutory law from which his agency derives its authority from. This indicates towards more regulatory oversight needed for clearer guidelines on how digital assets should be regulated by authorities like the SEC .
Ripple’s latest developments continue to create uncertainty in crypto markets as debate around regulation continues to rage on between investors and regulators like the SEC . Despite this ongoing legal battle, XRP token prices remain strong but volatile as investors wait for further news regarding its future in U.S markets .