Ripple CEO Brad Garlinghouse is reveling in what he calls a “Summer of Justice” for the cryptocurrency industry, noting a series of legal victories against the U.S. Securities and Exchange Commission (SEC).
According to Garlinghouse, these outcomes highlight an SEC that is “out of control and consistently WRONG on the facts and the law.”
Stuart Alderoty, Ripple’s general counsel, has pointed out that the SEC has been “proven wrong, been called hypocritical, lacking faithful allegiance to the law, and fined for discovery abuses.”
These statements come on the heels of a landmark ruling where an appeals court ordered the SEC to review its rejection of Grayscale’s Bitcoin exchange-traded fund bid.
The court’s decision, which described the SEC’s denial as “arbitrary and capricious,” has been widely seen as a potential turning point in cryptocurrency regulation.
The Grayscale decision comes after Ripple itself scored a partial win against the formidable regulator.
As reported by U.Today, Bitcoin’s price soared, topping the much-coveted $28,000 level.
Yet, legal experts warn that these rulings do not guarantee an immediate green light for a spot Bitcoin ETF since there are more issues that could be sorted out. Moreover, the SEC could still appeal the ruling.
Despite Garlinghouse’s optimistic “Summer of Justice” outlook, the path toward streamlined, sensible cryptocurrency regulation is far from straightforward.
