Ripple CEO calls out SEC and Chair Gary Gensler, saying, “Everything the SEC cares about, they lost”

XRP price has been holding strong for the past few days despite the token being removed from NYDFS' approved tokens list.

Ripple has seen considerable support from the community since it partially won the lawsuit filed by the Securities and Exchange Commission (SEC). Interestingly, since the win, the overall criticism against the regulatory body has grown, with people speaking up against the agency and its Chair, Gary Gensler.

Read more - XRP price at risk as NYDFS removes Ripple from approved-tokens list

Ripple CEO fires at SEC chair

The founder and Chief Operating Executive (CEO) of Ripple, Brad Garlinghouse, has always been vocal against SEC and Gensler. This confidence grew tenfold following the partial win by the payment processing network.

So much so that Garlinghouse recently publicly named Gensler a bully. According to lawyer and crypto enthusiast Jess Roberts, during the recent Messari Mainnet event, the Ripple CEO said,

"You have to stand up to a bully … he's pursuing power, he's pursuing politics. Not sound policy.

The official X (formerly Twitter) account of the event host Messari also tweeted Garlinghouse's words from the event, quoting him saying,

"Everything the SEC cares about, they lost... A freight train was driven through Gensler's arguments that these are all securities.

However, it is to be noted that the quotes have not been independently verified by FXStreet owing to the panel being a strictly offline event.

Regulation has been a crucial aspect of the discourse regarding the future of cryptocurrencies, and the United States is falling severely behind. The closest the country has come to actually adopting regulations is in its agreement with the 20 biggest economies in the world. During the G20 summit held this month, these countries, including the US, UK, India and more, decided upon advancing a global crypto regulation framework entitled “Crypto Asset Reporting Framework” (CARF).

But, the regulation would only likely come into effect by 2027, leaving the regulatory gap in the hands of Gensler and his SEC.

Read more - Bitcoin adds 265k new users in 24 hours as G20 closes in on crypto regulation standardization

XRP price stands strong

XRP price, trading at $0.519, has maintained a bullish outlook for the past few days, breaching the resistance level at $0.505 and aiming at the barrier marked at $0.542. This rise comes despite the recent removal of Ripple's native token, XRP, from the New York Department of Financial Services' (NYDFS) "greenlist" of approved tokens. 

XRP/USD 1-day chart

The crypto market is relatively calm at the moment, leaving room for the altcoin to keep continuing its uptrend. However, in the event that it falls back below $0.505, XRP could slip to $0.476, losing which would invalidate the bullish thesis.