The CEO of Ripple LabsBrad Garlinghouse, recently expressed “outrage” at the Securities and Exchange Commission (SEC) of the United States, following the lawsuit brought by the regulator.
In response to a user’s tweet on Saturday, Garlinghouse lashed out at the SEC for suing the company, noting that there would be no consequences for those who initiated it, even if they turn out to be wrong. IThe also claimed that the SEC lawsuit was a show of power rather than a legitimate attempt to uphold the law.
“My outrage grew as the litigation unfolded,” did he declare. “There is no remedy, there are no consequences for those who brought this lawsuit. The SEC’s pursuit of a political objective has nothing to do with ‘loyal allegiance to the law.’ It’s a question of power.”
Read also: Ripple (XRP) gains a foothold in Europe through two partnerships
Garlinghouse also mentioned that there would be no “considerations” for those affected by the SEC’s actions.calling attention to the agency’s blatant lack of concern for individuals and businesses who have been harmed by its approach.
“There is no consideration for the companies and people that this approach has harmed. We should all be outraged. The SEC has clearly forgotten that the government works for the people,” he said.
During this time, many members of the crypto community supported XRP while criticizing Ripple. Many have also noted that there is a big upside potential for XRP in the event that Ripple wins its case.
the FinderPanela group of industry experts, said that XRP could reach $3.81 by the end of 2025 if the company beats the SEC in the lawsuit, which would represent a gain of about 10 times.
At the time of this writing, XRP is trading around $0.4683, down 3.42% in the last 24 hours. The crypto is down 87.84% from its all-time high of $3.84 recorded in January 2018 and up more than 16,000% from its all-time low of $0.002802, according to data from CoinMarketCap.
Ripple lawsuit: SEC delays delivery of Hinman documents
On September 29, District Judge Torres overruled the SEC’s objections and ordered the agency to turn over the Hinman documents. Judge Torres’ order clarifies that the SEC missed the Oct. 13 deadline to file its request for reconsideration of Judge Torres’ order. According to the latest information, this has not yet been submitted.
Private charter aircraft company TapJets and payment service provider I-Remit recently requested to file explanatory documents in favor of Ripple. They defended the blockchain company saying it was essential to their operations. But the SEC urged the judge to rule against them.
“If the SEC can’t assess the veracity of such claims, then it didn’t have to file this lawsuit in the first place,” Filan said.
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