Ripple CEO Brad Garlinghouse has criticized the US Securities and Exchange Commission (SEC) and its chair, Gary Gensler, over their actions against the cryptocurrency industry. In a statement shared on Twitter, Garlinghouse called Gensler’s claims to be “pro-innovation” laughable and accused him of “hypocrisy” and “desperation”. He also labelled Gensler an “unelected bureaucrat” and argued that the SEC’s crackdown on the crypto industry was misguided and ultimately harmful to innovation.
Garlinghouse’s comments reflect the growing tension between the SEC and the cryptocurrency industry, with many companies feeling unfairly targeted by the agency’s regulatory actions. The recent lawsuits against Ripple, Coinbase, and Binance have raised questions about the legitimacy of the SEC’s claims and the impact of their actions on the wider industry. According to Yassin Mobarak, founder of venture capital firm Dizer Capital, the SEC’s aggressive approach may be an attempt to prevent a precedent-setting ruling against them in the Ripple case.
Despite the regulatory uncertainty, XRP has shown resilience in the face of increased scrutiny, breaching the key level of $0.500 once again. XRP is currently trading at $0.5285, up 3% in the last 24 hours, which suggests that investors remain optimistic about the long-term prospects of the cryptocurrency. Crypto analyst Egrag Crypto believes that XRP is nearing a “twilight zone” with a ‘W’ formation, which has several measured targets. The non-logarithmic ‘W’ formation measured target is between $0.75-$0.85 cents, while the logarithmic ‘W’ formation measured target is between $1.00-$1.20. Additionally, the symmetrical triangle full send break-out target is around $5.5, while the Fib 1.618 target is at $6.4, representing an uptrend of over 1000%. However, Egrag Crypto warns of an ultimate shakeout, which could retest the lows seen in June.
The tension between the SEC and the cryptocurrency industry is likely to continue, with industry players pushing back against regulatory overreach. Ripple’s Garlinghouse is among those who are calling for clearer guidance and a more balanced approach to regulation, arguing that excessive regulatory action could stifle innovation and harm investors. As the industry evolves, it is likely that more companies will challenge the SEC’s actions, and the wider regulatory landscape will continue to be shaped by ongoing disputes and legal battles.