Ripple CEO has said that SEC has lost sight of mission to protect investors

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Ripple CEO has said that SEC has lost sight of mission to protect investors, per CNBC.Ripple's CEO, Brad Garlinghouse, sees the recent legal victories against the U.S. Securities and Exchange Commission (SEC) as a potential indicator of changing dynamics in the crypto landscape within the United States. In an interview with CNBC's Dan Murphy, Garlinghouse suggests that the SEC may need to reconsider its strategy of using lawsuits for regulation.In expressing his opinion, Garlinghouse contends that the SEC seems to have deviated from its mission of safeguarding investors, raising questions about the beneficiaries of their current approach. He believes that Ripple's recent legal successes against the SEC mark a positive development for the entire crypto industry.Garlinghouse emphasizes the importance of the SEC being "put in check" in the United States through these legal victories. He expresses hope that this will pave the way for a more favorable environment for the crypto industry to thrive in the largest economy globally.The legal developments involve the SEC dropping aiding and abetting charges against Garlinghouse and Ripple co-founder Chris Larsen. These charges were initially part of the SEC's 2020 lawsuit, which alleged that Ripple had issued XRP as an unregistered security. In July, the courts ruled that Ripple's programmatic sales of XRP, conducted through automated, open-market processes, did not qualify as securities offerings.