Ripple CEO, Brad Garlinghouse, has criticized the U.S. Securities and Exchange Commission (SEC), stating that the agency has lost sight of its mission to Protect Investors. Garlinghouse believes that the SEC's approach of regulation through enforcement is flawed and that the agency needs to step back and reevaluate its actions. Ripple has been embroiled in a legal battle with the SEC, which accused the company of conducting a $1.3 billion securities fraud. However, a judge ruled that Ripple's cryptocurrency, XRP, is not a security. Garlinghouse hopes that the U.S. will introduce federal laws governing digital currencies, moving away from litigation-driven regulation.
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