Ripple CEO Brad Garlinghouse has criticized the US Securities and Exchange Commission (SEC) for its “absurd” remarks regarding the ongoing Ripple Labs case. Garlinghouse accused the SEC of employing a “regulation by enforcement” approach that harms retail investors. He argued that the SEC’s claims of being the regulator of the cryptocurrency market have only led to consumers suffering losses while the SEC holds press conferences. SEC lawyers hinted at a possible appeal and stated that certain sales of XRP should have been categorized as securities. Garlinghouse argued that legislation, rather than further enforcement, is needed to establish clear rules and protect retail investors. Ripple Labs Chief Legal Officer Stuart Alderoty compared explaining that XRP is not a security to convincing a flat earther that the world is round.

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