Ripple's CEO criticizes former SEC Chair Clayton’s regulatory stance and lawsuit, highlighting that charges were dropped.
The former SEC Chair emphasized that regulatory agencies should introduce regulations and legal cases they believe will successfully withstand judicial scrutiny.Ripple’s chief executive officer, Brad Garlinghouse, strongly criticized former Securities Exchange Commission Chairman Jay Clayton’s remarks regarding the SEC’s regulatory approach. Beginning in the first quarter of 2023, the SEC has initiated various regulatory actions against crypto exchanges and companies.his view that the U.S.
.that the former SEC Chair himself had filed a lawsuit that had little chance of success in court. In the, the SEC had accused Garlinghouse and Larsen of conducting an “unregistered, ongoing digital asset securities offering,” alleging that they had raised more than $1.3 billion.“As a reminder, Jay Clayton brought the case against Ripple, me and Chris Larsen. And left the building the next day.”
Clayton’s statements made in June 2023 have gained attention in light of the recent lawsuit developments involving Garlinghouse and Ripple founder Chris Larsen. As previously reported, theby the US SEC. Notably, the charges were brought on shortly before Clayton’s tenure as SEC Chair ended, which was well before the expected expiration date in June 2021.a decision by Judge Analisa Torres
in July 2023, where it was determined that selling XRP on secondary markets to individual buyers does not qualify as an investment contract.How Google’s AI legal protections can change art and copyright protections
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