XRP Lawsuit: Ripple Co-founder Says ‘SEC Lost Everything,’ Talks About Ripple’s Latest Appeal

The post XRP Lawsuit: Ripple Co-founder Says ‘SEC Lost Everything,’ Talks About Ripple’s Latest Appeal appeared first on Coinpedia Fintech News

Chris Larsen, co-founder and executive chairman of Ripple Labs, in a recent interview with Bloomberg, opened up about the latest appeal filed by him and Brad Garlinghouse against the SEC. 

The host asked Chris Larsen about the latest news regarding Ripple Labs’ actions at the federal level. Recently, there was an objection to the SEC’s request to appeal the initial court ruling, which was a win for Ripple. This ruling confirmed that XRP wasn’t considered a security when it was sold to the public.

Chris believes that the SEC lost on important regulatory matters in the recent case. While the case continues with the possibility of appeals, he sees this as a significant development that sets a precedent. He also thinks that the U.S. has made mistakes in crypto and blockchain policy and that the legal process is now providing much-needed clarity, especially in parallel with pending Bitcoin spot ETF applications.

He added, “I think the bottom line is the SEC lost on everything that was important to them and important in regulation of the industry. The case still continues or there’s appeal processes that everybody has the right to do. But we think that this is really groundbreaking. This is the law of the land and is actually quite good news. I think for again, I think the US screwed up here on crypto and blockchain policy.”

The cofounder criticized the SEC for not making clear rules for cryptocurrencies and instead using enforcement actions. He thinks the SEC’s chair, Gary Gensler, likes the confusion because it gives him more power. Chris said that clear rules should come from Congress, not unelected officials.

He also talked about how this is affecting San Francisco’s cryptocurrency industry. People are starting their businesses outside the U.S. in places like London, Singapore, and Dubai because they have good rules that protect people and support new ideas. Chris wants the U.S. to be a leader in this again, which would help places like San Francisco.