The post SEC Crypto Regulation: Why Elon Musk and Brad Garlinghouse Are Fighting Back appeared first on Coinpedia Fintech News
After John Deaton, Ripple CEO Brad Garlinghouse has thrown his support behind Elon Musk’s fiery critique of the U.S. Securities and Exchange Commission (SEC), calling attention to what many see as an overreach by the regulatory agency. Musk recently labeled the SEC a “political tool” after his company Neuralink came under scrutiny. Garlinghouse, no stranger to clashes with the SEC, amplified Musk’s message, sparking intense discussions in the crypto and political circles.
What he said https://t.co/sHs1aLkf8Z
— Brad Garlinghouse (@bgarlinghouse) December 13, 2024
Industry Openly Lashes Out at SEC
It seems like the crypto industry has waged an open war against the SEC’s overreach. Recently Elon Musk vented his frustration over the SEC for their aggressive approach toward companies, including Neuralink. His remarks, accusing the SEC of being a “political tool,” is a voice many have been raising for a long time who feel the agency is not fair. Musk once again stirred the controversial pot which points out that the SEC’s actions are to protect markets or if it’s pushing a broader political agenda.
For Garlinghouse, the frustration runs deep. Ripple has been locked in a prolonged legal battle with the SEC over whether XRP, its native token, should be classified as a security. This case has become a symbol of the larger struggle between innovation in crypto and regulatory oversight. Many in the industry argue that the SEC’s actions stifle growth, creating unnecessary roadblocks for projects trying to bring blockchain technology to the mainstream. Due to this XRP faced massive losses and SEC is also accused of causing this damage deliberately to suppress XRP over Bitcoin and ETH.
In his interview with 60-minute Garlinghouse pointed out the need for clear regulations for digital assets, stating that Ripple isn’t seeking deregulation but rather asking for “clear rules of the road” to guide the crypto industry.
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Growing Criticism of the SEC
However, it’s not just Musk and Garlinghouse speaking out. Political figures like Senator Mike Lee and presidential candidate Vivek Ramaswamy have also criticized the SEC. Lee has questioned the agency’s trustworthiness, while Ramaswamy highlighted its repeated legal losses as a sign of overreach. Legal experts have also pointed to recent court rulings that suggest the SEC may be stepping beyond its authority, raising questions about its focus and priorities.
On the other hand, Chamath Palihapitiya criticized the SEC for wasting government resources and using legal tactics to target individuals they disagree with, labeling the behavior as corrupt. He highlighted how only wealthy individuals like Elon Musk can defend themselves against such actions, while others would struggle without similar resources.
Amid the Ripple vs. SEC drama, discover how the legal battle could impact the market—Read XRP Price Prediction now!
What’s Next for Crypto Regulation?
With SEC Chair Gary Gensler set to step down in January, there’s growing anticipation of a regulatory shift. The Ripple case, combined with mounting public and political pressure, could pave the way for more balanced crypto policies. With Trump’s new administration on the horizon, the SEC’s future looks more uncertain than ever. Stay tuned!
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