Brad Garlinghouse, CEO of the US-based blockchain payments firm Ripple, has expressed strong criticism of the US Securities and Exchange Commission (SEC), accusing the agency of deviating from its core mission to protect investors. Speaking with CNBC at Ripple’s Swell conference in Dubai last Thursday, Garlinghouse raised concerns about the SEC’s priorities, questioning whom the agency is working to protect through its regulatory actions.
Garlinghouse’s remarks follow the SEC’s 2020 accusation against Ripple and its executives, alleging a $1.3 billion securities fraud related to the initial sale of XRP tokens to retail investors. Ripple scored a significant victory in July when a judge ruled that XRP “is not in and of itself” a security. In October, the SEC dropped securities law violation charges against Garlinghouse and Ripple co-founder Chris Larsen.
