Gasparino Calls Ripple’s SEC Regulation ‘Useless’ and Judge Torres’ Ruling ‘Idiot’

New York Post columnist and FOX Business senior correspondent Charlie Gasparino shared his thoughts on Ripple’s regulation, expressing that he always thought scrutiny of the company and its cryptocurrency XRP was unnecessary.

In an interview with Anthony Pompliano, he pointed out that even though the SEC was targeting Ripple, other high-profile figures like Sam Bankman Fried Sam Bankman fried Sam Bankman Fried is a successful American entrepreneur, angel investor, and billionaire with a remarkable history in the cryptocurrency industry. As the founder and CEO of FTX, a leading cryptocurrency exchange, he has played a key role in the revolution and development of the crypto space with his excellent experience and power. Sam Bankman Fried is from Stanford, California, USA. Ranked 60th on the Forbes 2022 Billionaires List with a net worth of US$24 billion. He began his career at Jane Street Capital, a trading organization that trades international ETFs. Later, in 2017, he left Jane Street and founded Alameda Research, a quantitative cryptocurrency trading organization established in October 2017. Bankman set up an arbitrage operation, raising $25 million every day, to take advantage of the higher price of Bitcoin in Japan in 2018. After attending a cryptocurrency conference in 2018, in Macau, he was inspired by the competing Bitcoin Cash team and established his company, FTX, in July 2021, which is worth an average of $10 billion. of daily transaction volume with over a million users which offers a policy of donating 1% of its revenue to charity. Bankman aims to support lawmakers who play the broad game of policymaking in areas such as pandemic planning and preparedness. EntrepreneurGeneral managerTrader have been involved in serious financial misconduct without facing similar regulatory pressure. Gasparino argued that this was an example of regulatory overreach.

He also said that Ripple’s technology, which underpins XRP, has potential but is now forced to operate overseas due to the lack of clear regulation in the United States. The SEC’s legal actions created uncertainty, and even after a judge ruled in favor of Ripple, Gasparino criticized the decision.

Gasparino criticizes judge’s decision and warns of risks for retail investors

“So they (the SEC) bring the case, they have this judge who says, ‘Oh no, investors, retail investors don’t need disclosure, they’re okay with not disclosing it to individuals, but they should have disclosed it.’ to the institution This idiot judge didn’t even know that she had set a precedent that there should be less disclosure in the retail sector.

He said

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The judge had ruled that Ripple did not need to disclose information to retail investors but should have disclosed it to institutional investors, a decision Gasparino called “stupid.” He said the ruling set a dangerous precedent for less disclosure for retail investors, explaining the mess the matter had become.

Gasparino explained that his interest in Ripple began years earlier when he covered Ethereum’s efforts to establish its own regulatory framework, which led to a viral backlash after a clip of his reporting was shared by Ripple supporter John Deaton. Gasparino believes the scrutiny on Ripple and XRP seems unfair, especially compared to the leniency shown by other figures.