Ripple CEO Criticizes SEC Over XRP Legal Actions

According to Odaily, Ripple CEO Brad Garlinghouse has continued to strongly oppose the U.S. Securities and Exchange Commission (SEC), particularly regarding its ongoing legal actions against XRP and related appeals in the Ripple case. Recently, cryptocurrency derivatives platform Bitnomial filed a lawsuit against the SEC over the regulatory authority of XRP futures. Garlinghouse responded on X, stating, 'For an agency many believe couldn't fall further, they have once again broken new lows. The SEC now thinks it can override the law, ignoring the court's ruling that XRP is not a security.' Previously, Bitnomial, a cryptocurrency derivatives exchange regulated by the Commodity Futures Trading Commission (CFTC), sued the SEC, challenging its regulatory authority over XRP futures. Following the conclusion of the SEC's lawsuit against Ripple, Bitnomial self-certified its XRP/USD futures contract in August, after a federal judge dismissed the SEC's claim that XRP is a security. According to Bitnomial's lawsuit, the SEC contacted the exchange shortly after the lawsuit was filed, asserting that XRP futures are 'security futures' and fall under the joint jurisdiction of the SEC and CFTC. The SEC warned that if Bitnomial continued to list XRP futures, it would be in violation of federal securities laws. The SEC also stated that Bitnomial must comply with additional requirements, including registering as a national securities exchange, before listing XRP futures.