Brad Garlinghouse, who is the CEO of Ripple, pinned the blame on the Securities and Exchange Commission for the wrong judgment that was passed against the company.
Through a double tweet, he claimed that the SEC was responsible for the entire mess surrounding Ripple and the false allegations leveled at them. He went on to vent his ire on the SEC for placing the predicament of bankruptcy on them while he alleged that they were only trying to cover their backs.
A while before the tweets went public, the SEC lawyers had filed an enforcement case against Terraform Labs, along with the company’s ex-CEO, Do Kwon, to carry out a review of the appeal that came up for hearing in the case against Ripple. The lawyers accepted the fact that there were certain discrepancies in the ruling, and the court should ignore the matter for the time being.
The request was made out to Judge Jed Rakoff of the U.S. District Court for the Southern District of New York. They notified the judge that further deliberations were on from their side regarding another review which would be handed over to the court.
In the form of a rejoinder to all of these happenings, Garlinghouse made it clear that it was beyond his understanding how a Judge could be held liable under the misleading circumstances.
In his viewpoint, the way forward is to concentrate on forming legislation rather than enforcing regulations in matters of safeguarding retail. He appreciated the support of members of Congress, such as Ritchie Torres and Patrick McHenry, in all of this. In the case of a repeat appeal, it will be made in the Second Circuit Court of Appeals.