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Ripple CEO Slams SEC as “Renegade Agency” in Ongoing XRP Battle, Bitnomial Lawsuit Adds Fuel to the Fire
- Chicago-based Bitnomial preemptively sued SEC regarding jurisdiction over XRP futures contracts.
- Since XRP is declared a non-security by a US court, Bitnomial accused SEC has no authority over XRP-based futures.
- Ripple CEO, Brad Garlinghouse referred SEC as a renegade agency and extended his support to Bitnomial.
- Stuart Alderoty, Ripple's Chief Legal Officer also criticized SEC and its regulatory practices.
- Bitnomial wants to clarify the regulatory jurisdiction over cryptocurrency futures between CFTC and SEC.
- The ongoing appeals in the Ripple case and Bitnomial lawsuit are poised to impact US cryptocurrency regulation.
- The legal battle is watched closely by crypto enthusiasts to determine the SEC’s approach towards the crypto industry.
- The SEC accused Ripple and its founders of raising over $1.3 billion through XRP Cryptocurrency.
- XRP sales were claimed by SEC to be unregistered securities offerings and a violation of Section 5 of the Securities Act of 1933.
- A District Judge has decided that XRP is not a security when sold to retail investors but is a security when sold to institutional investors.
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