XRP News: Brad Garlinghouse, CEO of Ripple launched a fresh attack on U.S. Securities and Exchange Commission (SEC) amid the long running legal battle around the nature of the XRP token. This comes in after Gary Gensler, SEC chair presented the budget for the Financial year before the House Appropriations Committee.
Ripple CEO’s Take On US SEC Budget
Ripple CEO in a tweet stated that SEC Chair’s assertion about the crypto assets is beyond comprehension. He added that Gensler dictates what is a security, while the agency is unable to make clear legislation.
He stated that the authority will never want to provide clarity around the crypto assets that what is “in or out” when the SEC chair behaves like an autocrat running a $2.2 billion bloated agency. Garlinghouse highlighted that without clear jurisdiction, ambiguity masquerades as power. Read More XRP News Here…
Also Read: US SEC Focus On Enforcement Over Clarity: Ripple Execs Ahead Of Lawsuit Verdict
Eleanor Terrett, Journalist at Fox Business noted that a big chunk of the proposed $2.4 billion budget by the US SEC is just going towards paying employee salaries and benefits. $1.6 billion is just allocated for 5,473 people in US SEC staff.
She mentioned that the average employee salary for the US SEC in 2022 stood around $156,458. However, this is 125% more than the national average income for government employees. While it is 115% higher than any other federal agency.
Also Read: Ripple Lawsuit Pending Verdict Fueling XRP Price?
Gary Gensler was inquired by the House Appropriations Committee about whether the US SEC holds enough resources to investigate emerging issues. He stated that the agency is stretched thin. The crypto space has a significant amount of non-compliance. However, the commission has increased resources there but it could always use more.
Also Read: Justin Sun’s Huobi Exchange Partners Gala Games For L1 and Web3 Development
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