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Ripple CEO ‘Outraged’ by SEC over XRP Lawsuit – Time to Buy XRP?

Ripple SEC Securities and Exchange Commission

XRP

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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Last updated:

October 23, 2023

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Ripple Labs CEO Brad Garlinghouse has recently expressed his “outrage” at the US Securities and Exchange Commission (SEC) over the regulator’s lawsuit against Ripple.

In response to a user’s tweet on Saturday, Garlinghouse lashed out at the SEC for suing the company, noting that there won’t be any consequence to those who started it even if they prove to be wrong. He also claimed that the SEC’s lawsuit was a show of power rather than a legitimate attempt to enforce the law.

“My outrage has grown as the litigation has unfolded,” he said. “There is no recourse, there is no consequence to those that brought this lawsuit. The SEC’s pursuit of a policy objective isn’t about “a faithful allegiance to the law”. It’s about power.”

Garlinghouse also mentioned there would be no “regard” for those affected by the SCE’s actions, drawing attention to the agency’s blatant lack of concern for individuals and companies that have been hurt by its approach

“There is no regard for those companies and people that this approach has harmed. We all should be outraged. The SEC has clearly forgotten that the government works for the people,” he said.

There is no regard for those companies and people that this approach has harmed.

We all should be outraged.

The SEC has clearly forgotten that the government works for the people.
— Brad Garlinghouse (@bgarlinghouse) October 15, 2022

Meanwhile, many inside the crypto community showed support for XRP while criticizing Ripple. Many also noted that there is vast upside potential for XRP in case Ripple wins the lawsuit.

The Finder panel, a gathering of in-industry experts, has said that XRP could surge as high as $3.81 by the end of 2025 if the company beats the SEC in the lawsuit, which represents an approximately 10x gain.

At the time of writing, XRP is trading around $0.4683, down by 3.42% over the past 24 hours. The coin is down by 87.84% from its all-time high of $3.84 recorded in January 2018 and up by more than 16,000% from its all-time low of $0.002802, according to data by CoinMarketCap.

Ripple Lawsuit: SEC Delays Hinman Documents

On September 29, District Judge Torres rejected the SEC’s objections and ordered the agency to hand over the Hinman records. Judge Torres’ order notes that the SEC missed the October 13 deadline to file its application for reconsideration of Judge Torres’ order. According to the latest information, this has not yet been submitted.

Meanwhile, the private charter plane firm TapJets and the payment provider I-Remit have recently requested to file amicus papers in favor of Ripple. They defended the blockchain firm by saying it is essential to their operations. But the SEC urged the judge to rule against them.