Brad Garlinghouse, the CEO of Ripple, which is the company behind XRP, took a swipe at Securities and Exchange Commission (SEC) Chair Gary Gensler in a recent tweet, adding another layer of tension to the ongoing legal dispute between Ripple Labs and the SEC.
In the tweet, Garlinghouse shared a photo of himself standing in front of the SEC building and mentioned that Gensler did not extend an invitation to meet. He stated, “Had to take a picture in front of the SEC Gov building while I was in Washington… In case you’re wondering…no, Chair Gensler did not invite us in.”
This incident is the latest development in the heated clash between Ripple Labs and the SEC. The regulatory agency has sought to appeal a judge’s ruling that favored Ripple in their legal battle. In a court filing, the SEC argued that the judge’s decision raised complex legal issues that warranted a federal appeals court review before the case could conclude.
In an interview with Bloomberg, Garlinghouse expressed frustration with the ongoing lawsuit and the SEC’s approach. He disclosed that Ripple had already spent over $100 million on the legal battle, underscoring the company’s exasperation with the lengthy and costly process.
In another Bloomberg interview, Garlinghouse offered a pointed response about Gensler’s cautious stance on cryptocurrencies, saying, “Gary Gensler is a hammer, and everything looks like a nail.”
The ongoing legal battle between Ripple and the SEC has significant implications for the cryptocurrency industry, particularly regarding how regulatory bodies classify and regulate digital assets. Market participants and enthusiasts alike closely watch the outcome of this case.
As the legal dispute continues, the cryptocurrency market, including Bitcoin, maintains its dynamic. At the time of writing, Bitcoin was trading at $27,134.14, reflecting a 1.14% increase in the past 24 hours. The broader regulatory landscape, however, remains a crucial factor influencing the crypto market’s future trajectory.