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Garlinghouse blasts SEC after it signals appeal of Ripple ruling, House crypto oversight bill panned

Garlinghouse blasts SEC after it signals appeal of Ripple ruling, House crypto oversight bill panned
Ripple CEO Brad Garlinghouse questions the SEC's legal authority: Scott Moore/Shutterstock

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Ripple chief Brad Garlinghouse fires back at the US Securities and Exchange Commission after the agency signals that it may contest a judge’s ruling in the company’s favour amid a continuing lawsuit. A US House of Representatives bill aimed at bringing clarity to crypto oversight is critiqued for ambiguous language, and Terraform Labs’ interim CEO says it is difficult to make progress while handling frequent accusations. Read on!

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Garlinghouse rips SEC over appeal

Ripple CEO Brad Garlinghouse blasted the US Securities and Exchange Commission on Twitter for signalling that it may appeal a judge’s July 13 ruling in favour of Ripple in an ongoing lawsuit over the legality of crypto sales.

Garlinghouse said the SEC had created a mess by “proclaiming it was the cop on the crypto beat” when it had no legal authority. He added that a judge shouldn’t be blamed for “faithfully applying the law,” and that the way forward is through legislation creating clear rules.

House crypto bill draws criticism

A US House of Representatives crypto oversight bill revealed late last week has drawn some criticism from experts over ambiguous language that may threaten the DeFi market and fail to restrain the SEC, Decrypt reported.

General counsel for Delphi Labs, Gabriel Shapiro, said in a tweet that the bill may still leave many DeFi assets open to being labelled securities by the SEC.

Terra progress said difficult amid accusations

Terraform Labs new interim CEO Chris Amani said the company’s progress is constantly thwarted by accusations against former chief and co-founder Do Kwon, Cointelegraph reported, citing a Twitter Spaces discussion with employees on the challenges faced by the company.

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Amani said it was “incredibly hard” to watch what Kwon, currently jailed in Montenegro, is going through, and that he hoped his name will be cleared and he can “come back and participate” as soon as possible.

Wright allowed to argue Bitcoin case

A British court granted an appeal to Craig Wright, following a previous denial, allowing him to argue his case in a copyright lawsuit concerning Bitcoin, a court filing shows.

Wright, who claims to be Bitcoin creator Satoshi Nakamoto, has filed a lawsuit against 26 total defendants, alleging violations of his copyright on the Bitcoin white paper, Cryptonews reported.

Salvadoran 1H crypto remittances decline

El Salvador’s central bank data shows that in the first half of this year, the country’s crypto remittance program experienced a 26.5% drop in usage, even as total funds sent back to the country increased by more than 5%, Crypto.News reported.

Salvadorans who live abroad sent back almost $4 billion during the period, but only $46.7 million through Bitcoin and other cryptocurrencies. Online remittance platforms including Wise and Remitly handled about $2.4 billion of the total.

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