In a scathing critique of the Securities and Exchange Commission’s (SEC) recent actions against the cryptocurrency industry, Ripple Chair Executive Officer (CEO) Brad Garlinghouse has accused SEC Chairman Gary Gensler of “hypocrisy” and “desperation”.
In a rack released on Twitter, Garlinghouse called Gensler’s claims that he was “pro-innovation” laughable, arguing that the agency’s recent lawsuits against Ripple and other companies are simply a distraction from their internal struggles.
Ripple CEO claps back at SEC chairman
Garlinghouse then criticized Gensler as an “unelected bureaucrat” who tries to mask that he and his bureau lack the power they so desperately crave. He suggested that the SEC’s crackdown on the crypto industry is misleading and ultimately detrimental to innovation.
Furthermore, Ripple CEO Garlinghouse criticizes Gensler for trying to wield power he does not possess and suggests that the agency’s actions are ultimately futile.
On the same note, according to 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.
Mobarak suggests that the SEC may be speeding up their attack plans to isolate potential losses in the Ripple case, claiming they are specific to the facts and circumstances of that case, rather than applicable to the entire cryptocurrency industry. This would allow the SEC to avoid setting a precedent that could have negative consequences for the industry as a whole.
These 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.
XRP price shows resilience amid regulatory uncertainty
XRP has had a tumultuous few weeks as increased regulatory scrutiny has put pressure on the entire crypto industry. After reaching a key level of $0.500 on May 30, XRP lost some of its momentum amid uncertainty about the future of the sector. However, the market has shown resilience and XRP has managed to break the $0.500 level again.
At the time of writing, XRP is trading at USD 0.5285, up 3% in the past 24 hours. This suggests that investors remain optimistic about the cryptocurrency’s long-term prospects, despite the challenges posed by regulatory uncertainty.
Moreover, according to according to crypto analyst Egrag Crypto, XRP is approaching what he calls the “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. In addition, the target for the full shipment of the symmetrical triangle is around $5.5, while the Fib 1,618 target is $6.4, which would represent an uptrend of more than 1000%
However, despite these potential price targets, Egrag Crypto is also warning of an ultimate shakeout, which could potentially retest the June lows.
Featured image from iStock, chart from TradingView.com
