Ripple "SEC Snipes "Show Regulators Chasing Headlines Over Good Policy"..."New Stablecoin Is RLUSD"

▲ Ripple (XRP) ©Coinleaders

Ripple (XRP), which has been in a long-running legal battle with the U.S. Securities and Exchange Commission (SEC), has fired another shot at the SEC.

Ripple's Chief Legal Officer Stuart Alderoty tweeted on X on Wednesday (local time), "The SEC is touting another huge fine, but in reality they will be a creditor in bankruptcy court (see BlockFi). The SEC has become a show regulator, chasing headlines rather than good policy."

Ripple CEO Brad Garlinghouse also recently spoke at a conference and said, "Ethereum (ETH) and XRP are not securities. The SEC is completely wrong. SEC Chairman Gary Gensler is a very unethical human being."

Garlinghouse also criticized SEC Chairman Gary Gensler.

He called the SEC chairman a "political liability" earlier in the year and said, "At some point, there will be a new SEC chairman, and that's a good thing for the American people."

Ripple and the SEC are engaged in a civil lawsuit over whether XRP was sold as an unregistered security, with the latest legal battle over the size of the fine.

Meanwhile, according to Bitcoin.com, Garlinghouse said at the recent XRPL community summit that "Ripple's stablecoin will be called RLUSD."

Ripple's managing director for the Middle East and Africa, Reece Merrick, previously said in an interview that the company is ready to bring the stablecoin to market.

The price of XRP, the seventh-largest cryptocurrency by market capitalization, was trading at $0.4885 as of 10:47 a.m. ET on June 13, up 2.785 from 24 hours earlier, according to CoinMarketCap.