Ripple CEO Brad Garlinghouse has criticized the SEC for its recent comments on the Ripple Labs case, calling them “absurd.” He accused the regulator of hurting retail investors with its “regulation by enforcement” approach and claimed that the SEC had no legal jurisdiction in the matter. Garlinghouse’s comments came after the SEC hinted at appealing the split-decision ruling against Ripple Labs. The SEC argued that retail sales of XRP should have been deemed securities and stated that it is considering further review. Garlinghouse argued that legislation, not more regulation by enforcement, is needed to provide clear rules and protect retail investors. Ripple Labs chief legal officer Stuart Alderoty also chimed in, comparing explaining that XRP isn’t a security to “explaining to a flat earther that the world is round.” SEC Chair Gary Gensler expressed disappointment over the court’s decision on the security status of XRP and stated that the regulator would continue to assess this opinion. At the time of publication, XRP is trading at $0.73, up nearly 50% in the last month.
