Ripple CEO Joins Elon Musk in Criticizing SEC as Crypto Market Awaits Reform
Ripple CEO Brad Garlinghouse has joined Tesla’s Elon Musk in trashing the U.S. Securities and Exchange Commission (SEC).
Musk recently called the SEC a “political tool” for “dirty work” after reports the agency was targeting one of his companies, Neuralink. Crypto and industry leaders are echoing concerns about the agency’s overreach.
Garlinghouse, who is in the midst of Ripple’s ongoing legal battle with the SEC over XRP being a security, agreed with Musk. This has amplified the conversation about a balanced regulatory framework as pro-crypto sentiment grows in the United States.
Criticism Mounts Against SEC’s Practices
Musk’s comments come as the SEC is under fire. Legal experts and lawmakers are speaking out, with some saying the agency has gone too far. Law professor Cory Liu pointed to a court ruling that found the SEC overstepped its authority in enforcing a Nasdaq diversity policy. He says the SEC should focus on fair markets not political agendas.
Presidential candidate Vivek Ramaswamy and Senator Mike Lee are also piling on. Ramaswamy says the SEC’s repeated losses in court have damaged its credibility. Lee goes further, saying the SEC “can’t be trusted” as an independent regulator.
Gensler’s crypto crackdown is also under fire. Gensler is leaving in January and has been accused of stifling innovation with too much enforcement. Industry leaders say it hurts both the crypto space and US competitiveness.
Crypto Market Seeks Pro-Crypto Regulation
As Garlinghouse joins Musk, the pro-crypto movement is gaining momentum. Ripple’s case with the SEC is key as the outcome will set the precedent for how cryptos are regulated in the US. The approval of Ripple’s RLUSD stablecoin and growing political chatter means a more balanced approach to crypto oversight is coming.
This comes as the crypto community is looking to shape the post-Gensler regulatory landscape. They say fair and transparent rules are key to innovation and stability.
Key Insights:
Musk’s Criticism: Elon Musk calls the SEC a “political tool,” prompting widespread reactions.
Ripple Alignment: Brad Garlinghouse joins the call for pro-crypto reforms amid Ripple’s legal battle.
Regulatory Scrutiny: Growing calls for balanced regulation as Gensler’s tenure nears its end.
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