Ripple Labs has criticized the U.S. Securities and Exchange Commission (SEC), accusing the regulatory agency of inconsistent enforcement actions and working against retail investors. They argue that the SEC’s regulation-by-enforcement approach has hurt the retail consumer, citing the loss of $15 billion in XRP market cap due to the SEC’s lawsuit against Ripple. Ripple questions how the SEC missed the FTX debacle and why it drove BlockFi into bankruptcy while claiming to protect retail consumers. They also argue that SEC Chair Gary Gensler’s statement that all crypto tokens except Bitcoin are securities subject to the SEC’s jurisdiction has been debunked. XRP is currently trading at $0.681.
AI Sentiment: Negative
