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Horrible Behavior Should Be Disincentivized By Regulators, Says Ripple CEO

Recently, Brad Garlinghouse (the CEO of the crypto exchange Ripple) posted on his official Twitter channel, saying that he was of the same view as Sheila Warren (the CEO of Crypto Council) in the case of crypto regulation. Warren stated in her tweet that the regulatory bodies should play their role in confronting the terrible environment after the crash of the crypto exchange FTX.

Garlinghouse Supports Sheila Warren, Suggesting Regulators to Eradicate Frauds Like FTX

Warren mentioned that the watchdogs should detect such scams and stop them in the start in addition to developing better accountability strategies to target the bad actors. Ripple CEO has additionally asserted that FTX (the crypto exchange founded by Sam Bankman-Fried) has been engaged in carrying out fraudulent operations. He is of the view that the market of cryptocurrency has not yet come out of its nascence.

As per him, this is the reason why the industry is continuously grasping the attention of crooks. The executive of Ripple considers that this space should get considerably mature. On Thursday, Mike Novogratz (the CEO of Galaxy Digital) also remarked on the matter of FTX, saying that its former CEO Sam Bankman-Fried (SBF) should be put in jail.

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Nevertheless, SBF has frequently denied any involvement in the scam. He even asserted not having any knowledge about the malicious trading of customer funds from FTX to Alameda. On the other hand, the legal dispute between the US SEC as well as the crypto exchange Ripple is moving close to an end.

According to the recent updates that James K. Filan revealed, the motion filed by LBRY for a rapid briefing schedule dealing with the remedies that the commission pursued has been granted by the court. LBRY mentioned in the filed document that it offered the settlement proposal to the SEC on the 25th of November, after a status conference that was conducted on the 21st of November.

Following the settlement proposal’s submission, both parties conversed on the terms on the 29th of the previous month. However, they remained ineffective in resolving the case of remedies pursued by the regulatory agency. In line with the financial conditions of LBRY, it requested the court to expedite the schedule of the briefing and the court eventually approved that.

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In the meantime, the native crypto token of Ripple “XRP” has witnessed a daily high of up to 4% along with an 8% high over the week, as per CoinMarketCap. This upsurge has been witnessed due to a significant jump that took place in XRP transactions. The data from TradingView (a charting company) indicates that the crypto token is trying to stay above the resistance level of up to $0.40858.

Coinbase Wallet Announces XRP’s Removal, Putting Negative Impact on Token

Apart from that, the token is confronting a negative report that Coinbase Wallet published. The crypto platform has declared to exclude XRP tokens from the wallet thereof from the 5th of December this year. The company has referred to the decreased trading operations across the blockchain.

Notwithstanding the bearish sentiment that prevailed around the market, XRP is still the 7th-biggest crypto token, with $19.6B as its market capitalization. The lawsuit between Ripple and the SEC would expectedly come to end in the coming year but the speculators assert that it could be concluded much earlier.

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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