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Ripple CEO Brad Garlinghouse shared his views on a Squawk Box interview with former SEC Chair Jay Clayton. Garlinghouse said<\/a>,<\/p>\n \u201cWatching this clip makes my blood boil. The hypocrisy is shocking. [\u2026]. (As a reminder, Jay Clayton brought the case against Ripple, me, and Chris Larsen. And left the building the next day).\u201d<\/p>\n<\/blockquote>\n Garlinghouse referred to a Clayton interview from June 29, 2023. Clayton had this to say,<\/p>\n \u201cIf we\u2019re not losing cases, if we\u2019re not being pushed back on by the courts, we\u2019re not doing enough.\u201d<\/p>\n<\/blockquote>\n Clayton added,<\/p>\n \u201cUnless we\u2019re losing, we\u2019re not bringing enough cases. That may be fine for private litigants against each other. When you have the power of the state, you\u2019re supposed to only bring cases and only make rules that you think are going to pass judicial muster.\u201d<\/p>\n<\/blockquote>\n Amicus Curiae attorney and CryptoLaw US founder John E. Deaton shared the Ripple CEO\u2019s tweet, saying<\/a>,<\/p>\n \u201cThe amount of restraint that Brad Garlinghouse is showing here has to make Stuart Alderoty very pleased with his CEO. It also demonstrates that I probably lack the temperament required to lead a top Fintech company in today\u2019s world.\u201d<\/p>\n<\/blockquote>\n Deaton shared his views on the Clayton video, saying<\/a>,<\/p>\n \u201cFinally, when you consider the hypocrisy of Clayton\u2019s remarks, remember he filed a lawsuit claiming ALL XRP from the beginning of time until the end of the world was, is, and always will be securities, even though the SEC couldn\u2019t cite a single case in history to support this absurd claim.<\/p>\n<\/blockquote>\n Deaton added<\/a>,<\/p>\n \u201cThe SEC actually time-traveled and went into the future and said that even if a foreign country one day adopts XRP as a legal currency, it won\u2019t matter \u2013 XRP would still be a security and anyone owning it would be in a common enterprise with Ripple. That\u2019s right, Clayton and his cronies went so far, as to to usurp or void the sovereign powers of foreign nations. Anyone who supports OR minimizes this kind of behavior from regulators just because you don\u2019t like the target is part of the problem.\u201d<\/p>\n<\/blockquote>\n The latest comments come as the SEC and Ripple progress toward a briefing schedule.<\/p>\n As per the Court order<\/a> dated October 24, 2023,<\/p>\n \u201cBy November 9, 2023, the parties shall jointly propose a briefing schedule with regards to remedies, or, if the parties cannot agree, shall jointly request that the Court set a briefing schedule.\u201d<\/p>\n<\/blockquote>\n It is unclear whether Brad Garlinghouse\u2019s reaction to the June 29 Clayton interview reflects the tone of behind-closed-doors discussions in moving toward a briefing schedule. The SEC aims for a $770 million settlement fee for Ripple selling unregistered securities to institutional investors.<\/p>\n Some crypto advocates suggest Ripple sits in a strong position. The Famous Hinman speech-related documents<\/a> could give Ripple the upper hand in negotiations. The SEC made at least six attempts<\/a> to shield the Hinman docs under attorney-client privilege before the court ordered the SEC to provide the documents under discovery.<\/p>\n As background, former SEC Director of the Division of Corporation Finance William Hinman said that Bitcoin (BTC<\/a>) and Ethereum (ETH<\/a>) are not securities. A Hinman connection with Simpson Thacher was the contentious issue. Simpson Tacher is part of a group that promotes Enterprise Ethereum. After leaving the SEC, Hinman returned to Simpson Thacher.<\/p>\n However, there is also speculation that the SEC is looking to expedite the case to appeal the Programmatic Sales ruling<\/a>.<\/p>\n\n
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Court Order Gives the SEC and Ripple Until November 9<\/h2>\n
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XRP Price Action<\/h2>\n