Ripple CEO Brad Garlinghouse responded to the ongoing battle between Ripple Labs and the U.S. Securities and Exchange Commission via a pair of tweets on Saturday.
"An important topic has come up about protecting retail," Garlinghouse tweeted.
"The SEC created this mess by proclaiming it was the cop on the crypto beat when it had no legal jurisdiction," he said, adding: "Where’s that gotten us? Consumers left holding the bag in bankruptcy court while the SEC holds press conferences."
SEC lawyers: 'Those portions of Ripple were wrongly decided'
Garlinghouse's comments come a day after lawyers for the SEC used a separate ongoing enforcement case — against Terraform Labs and its former CEO, Do Kwon — to preview an expected appeal of last week's split decision against Ripple Labs.
“Respectfully, those portions of Ripple were wrongly decided, and this Court should not follow them,” SEC lawyers argued in filing to Judge Jed Rakoff of the U.S. District Court for the Southern District of New York.
“SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review,” they added.
Garlinghouse: legislation is the only way forward
In response, Garlinghouse shared his opinion that "it’s absurd to blame a Judge for faithfully applying the law."
"We all know legislation — not more regulation by enforcement — is the only way forward to provide clear rules and protect retail," he said, adding: "Glad to see more members of Congress like Rep. Ritchie Torres and Patrick McHenry champion this."
An appeal in the Ripple case — should it come — would go to the Second Circuit Court of Appeals.
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