The legal struggle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) continues to intensify. Recent statements from Ripple highlight the escalating conflict.

Ripple and SEC: Recent Developments

Ripple CEO Brad Garlinghouse voiced his frustration with the SEC, accusing the agency of ignoring a court decision affirming that XRP is not a security. He emphasized the need for continued oversight of the SEC's actions, calling it a ‘renegade agency’.

Bitnomial's Case Against the SEC

Crypto derivatives exchange Bitnomial has filed a lawsuit against the SEC, challenging its claim that XRP is a security. The SEC warned Bitnomial that its contract with XRP Futures would violate federal securities law unless it complied with SEC regulations. Bitnomial accused the SEC of selectively using court briefs to its advantage, ignoring Judge Torres' ruling.

Constitutional Concerns and Outlook

Ripple's Chief Legal Officer Stuart Alderoty stated that the SEC's actions question the legitimacy of regulation and violate constitutional principles. Other experts, such as Bill Morgan and John Deaton, also expressed concerns about the agency's motives. Deaton cited a recent case where the SEC was sanctioned for overstepping its authority, adding to skepticism about its approach.

The conflict between Ripple and the SEC is becoming increasingly complex with new lawsuits and heightened discussions about the agency's legality. Future developments could have significant impacts on regulatory practices in the cryptocurrency industry.