Ripple CEO Brad Garlinghouse slammed the United States Securities and Exchange Commission (SEC) in a tweet on July 23rd for its “regulation by enforcement” approach which, according to Garlinghouse, has hurt investors.

“An important topic has come up about protecting retail. The SEC created this mess by proclaiming it was the cop on the crypto beat when it had no legal jurisdiction Where’s that gotten us? Consumers left holding the bag in bankruptcy court while the SEC holds press conferences,” said the CEO in the tweet.

Ripple’s chief has criticized the SEC following its latest comments surrounding Ripple’s XRP. The SEC used its ongoing case against Do Kwon, the founder of Terraform Labs, to present its concerns surrounding the retails sales of Ripple’s XRP token after a judge ruled that XRP is not a security.

In wake of this, Garlinghouse had no hesitation in voicing his opinion on Twitter:

“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. Glad to see more members of Congress like @RepRitchie, @PatrickMcHenry champion this.”

Sources:

https://cointelegraph.com/news/ripple-ceo-brad-garlinghouse-condemns-sec-hint-appeal-xrp

https://watcher.guru/news/ripple-ceo-criticizes-sec-for-creating-this-mess

https://beincrypto.com/ripple-sec-crypto-adoption/

https://twitter.com/bgarlinghouse/status/1682869087511416832

https://twitter.com/bgarlinghouse/status/1682869088635486208