According to Decrypt, Ripple CEO Brad Garlinghouse criticized the United States Securities and Exchange Commission (SEC) and its Chairman Gary Gensler in a recent interview. Garlinghouse called the SEC 'very hostile' and Gensler a 'political liability', stating that the current approach to regulating the crypto industry is not effective. Ripple, the company behind XRP, faced a $1.3 billion lawsuit from the SEC in 2020 for allegedly selling unregistered securities in the form of XRP. However, Ripple scored a win in court last July when a judge ruled that programmatic sales of XRP to retail investors did not qualify as securities. Garlinghouse also mentioned that an initial public offering (IPO) in the U.S. is not currently being considered due to the SEC's approach to crypto regulation.

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