Ripple CEO Brad Garlinghouse has condemned the United States securities regulator over recent comments from its lawyers that hint at a possible appeal to its case against Ripple.
In a July 23 tweet, Garlinghouse slammed the regulator for its “regulation by enforcement” approach, arguing it has only served to hurt retail investors.
“The SEC created this mess by proclaiming it was the cop on the crypto beat when it had no legal jurisdiction,” wrote Garlinghouse in a July 23 tweet. “Where’s that gotten us? Consumers left holding the bag in bankruptcy court while the SEC holds press conferences,” he added.
An important topic has come up about protecting retail. The SEC created this mess by proclaiming it was the cop on the crypto beat when it had no legal jurisdiction Where’s that gotten us? Consumers left holding the bag in bankruptcy court while the SEC holds press conferences.
Garlinghouse’s criticism came in response to the SEC’s latest round of comments concerning Ripple, where the regulator hinted at appealing the split-decision ruling against Ripple Labs.
On July 21, the SEC used its ongoing case against Terraform Labs founder Do Kwon to air out its concerns with the decision that retail sales of XRP (XRP) on exchanges didn’t constitute the legal definition of a security.
“Respectfully, those portions of Ripple were wrongly decided, and this Court should not follow them,” SEC lawyers wrote, asserting that these sales of XRP should have been deemed securities.
“SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review,” they added.
Speaking directly to the SEC’s comments, Garlinghouse said it was “absurd” to blame a judge for simply applying the law.
“We all know legislation — not more regulation by enforcement — is the only way forward to provide clear rules and protect retail,” he added.
Ripple Labs chief legal officer Stuart Alderoty chimed in with comments of his own, saying that trying to explain that XRP isn’t a security is like “explaining to a flat earther that the world is round.”
Talking to someone who still doesn’t understand that the token itself is not the security is like explaining to a flat earther that the world is round.
On July 17, SEC Chair Gary Gensler also expressed his disappointment over the court’s decision on the securitiestatus of XRP, adding that the regulator would continue to assess this opinion.
At the time of publication Ripple Labs’ XRP is changing hands for $0.73, up nearly 50% in the last month, according to data from TradingView.
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Labour will eliminate unauthorised sewage spillages in 10 years, the environment secretary has told Sky News.
Steve Reed also pledged to halve sewage pollution from water companies by 2030 as he announced £104 billion of private investment to help the government do that.
“Over a decade of national renewal, we’ll be able to eliminate unauthorised sewage spillages,” he said.
“But you have to have staging posts along the way, cutting it in half in five years is a dramatic improvement to the problem getting worse and worse and worse every single year.”
He said the water sector is “absolutely broken” and promised to rebuild it and reform it from “top to bottom”.
His earlier pledge to halve sewage pollution from water companies by 2030 is linked to 2024 levels.
The government said it is the first time ministers have set a clear target to reduce sewage pollution and is part of its efforts to respond to record sewage spills and rising water bills.
Ministers are also aiming to cut phosphorus – which causes harmful algae blooms – in half by 2028.
Image: Environment Secretary Steve Reed. File pic: PA
Mr Reed said families had watched rivers, coastlines and lakes “suffer from record levels of pollution”.
“My pledge to you: the government will halve sewage pollution from water companies by the end of the decade,” he added.
Addressing suggestions wealthier families would be charged more for their water, Mr Reed said there are already “social tariffs” and he does not think more needs to be done, as he pointed out there is help for those struggling to pay water bills.
The announcement comes ahead of the publication of the Independent Water Commission’s landmark review into the sector on Monday morning.
The commission was established by the UK and Welsh governments as part of their joint response to failures in the industry, but ministers have already said they’ll stop short of nationalising water companies.
Mr Reed said he is eagerly awaiting the report’s publication and said he would wait to see what author Sir John Cunliffe says about Ofwat, the water regulator, following suggestions the government is considering scrapping it.
On Friday, the Environment Agency published data which showed serious pollution incidents caused by water firms increased by 60% in England last year, compared with 2023.
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Why sewage outflows are discharging into rivers
Meanwhile, the watchdog has received a record £189m to support hundreds of enforcement officers for inspections and prosecutions.
“One of the largest infrastructure projects in England’s history will clean up our rivers, lakes and seas for good,” Mr Reed said.
But the Conservatives have accused the Labour government of having so far “simply copied previous Conservative government policy”.
“Labour’s water plans must also include credible proposals to improve the water system’s resilience to droughts, without placing an additional burden on bill payers and taxpayers,” shadow environment secretary Victoria Atkins added.
The Rivers Trust says sewage and wastewater discharges have taken place over the weekend, amid thunderstorms in parts of the UK.
Discharges take place to prevent the system from becoming overwhelmed, with storm overflows used to release extra wastewater and rainwater into rivers and seas.
Water company Southern Water said storm releases are part of the way sewage and drainage systems across the world protect homes, schools and hospitals from flooding.