Ripple CEO Criticizes SEC's Plan to Appeal

Ripple's CEO Brad Garlinghouse has criticized the U.S. Securities and Exchange Commission (SEC)for planning to appeal a court decision favoring XRP in their ongoing lawsuit. He claimed that the SEC is wrongly saying they control cryptocurrencies without any legal right to do so.

Garlinghouse's comments follow a judge's statement that selling XRP on exchanges is not considered a security, which is a crucial point in the lawsuit. However, the judge said that when Ripple sells XRP to institutions, it counts as a security.

Garlinghouse supports the judge's decision, naming it the "Torres Doctrine" after U.S. Congressman Ritchie Torres. He believes that this decision should guide the SEC's future actions and bring legal clarity to the crypto industry.

Lastly, Garlinghouse mentioned that some members of Congress are working on a new law called the "Financial Innovation and Technology Act for the 21st Century". He feels that this law, not more penalties, is the way to set clear rules and protect individual customers.