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Elon Musk Slams SEC, Ripple CEO Agrees
In a recent statement, Elon Musk slammed the Securities and Exchange Commission (SEC) for its handling of regulatory affairs in the cryptocurrency sector. His comments sparked controversy and drew support from Ripple’s CEO, Brad Garlinghouse.
Musk’s remarks came after the SEC filed a lawsuit against Ripple Labs Inc. in December 2020, alleging that the company’s sales of XRP constituted an unregistered securities offering. The case has been ongoing for over three years, with Ripple arguing that XRP should be classified as a digital currency rather than a security.
The CEO of SpaceX and Tesla, Elon Musk, took to Twitter to express his frustration with the SEC’s actions. He stated that the regulatory agency is not doing enough to protect innovation and progress in the industry. “Can’t believe the @SEC_News is still trying to stifle innovation,” Musk tweeted. “They’re clearly out of touch with what’s actually happening.”
In response, Ripple CEO Brad Garlinghouse expressed support for Musk’s comments. In an interview with a leading financial publication, Garlinghouse said that he agrees with Elon on the matter, emphasizing the need for regulatory clarity and cooperation. “We understand the importance of clear regulations in the crypto space,” Garlinghouse stated. “It is our responsibility to ensure we are not only compliant but also transparent about it.”
As the case against Ripple continues to unfold, this latest development highlights the ongoing tension between regulators and companies in the cryptocurrency sector.
Source: u.today
