According to Ripple Labs’ chief executive, Brad Garlinghouse, the US Securities and Exchange Commission (SEC) does not care about the people harmed as a result of its XRP lawsuit.
CEO Brad Garlinghouse tells his 662,000 Twitter followers that the SEC lawsuit doesn’t seek to uphold the law but rather consolidate power.
“My outrage has grown as the litigation has unfolded. There is no recourse. There is no consequence to those that brought this lawsuit,” he said on his Twitter account.
He stressed, “The SEC’s pursuit of a policy objective isn’t about ‘A faithful allegiance to the law.’ It’s about power.”
XRP was allegedly issued as an unregistered security, according to an SEC lawsuit in late 2020. In Garlinghouse’s opinion, the SEC has lost sight of the fact that it is responsible for the people and should work for them rather than against them.
“There is no regard for those companies and people that this approach has harmed. We all should be outraged. The SEC has clearly forgotten that the government works for the people,” said the CEO.
There is no regard for those companies and people that this approach has harmed.
We all should be outraged.
The SEC has clearly forgotten that the government works for the people.
— Brad Garlinghouse (@bgarlinghouse) October 15, 2022
Ignoring The Lawsuit
Garlinghouse, speaking at DC Fintech 2022, notes that foreign entities interested in partnering with Ripple Labs don’t seem to care what the SEC thinks about the sixth-largest cryptocurrency.
“Most people outside the United States don’t really care that the SEC is suing us… I was in the Middle East last fall and we were meeting with customers… We’re meeting with the CEO of a payments company. The employee from team Ripple says, ‘Why don’t you give an update on what’s going on with Ripple?’ I start talking about the SEC,” he explained.
“ After the meeting, he very delicately says to me, ‘No one gives a sh*t.’,” he added.
The point he made was that if you were outside of the United States, government agencies such as Abu Dhabi, Switzerland, Singapore, the UK, and Japan provided clarity regarding how they viewed and categorized digital assets, and they don’t care that the SEC has a court-filed view.