Ripple CEO criticizes SEC's mission, bashes Chair Gensler, and predicts lower fine

Ripple CEO Brad Garlinghouse 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 repeated litigation approach to crypto regulation is ineffective and hopes for the introduction of federal laws governing digital currencies by Congress. He also highlighted recent victories for Ripple and Grayscale in legal battles against the SEC, suggesting that the agency needs to reassess its regulatory strategy. Ripple, a payments company specializing in cross-border money transfers, has been embroiled in a legal dispute with the SEC over allegations of conducting a $1.3 billion securities fraud through the sale of XRP tokens.