A crypto skeptical SEC commissioner has criticized the agency for a settlement letter that could conclude Ripple's legal case.
In a joint filing, the SEC and Ripple asked a New York court to dissolve the August 2024 injunction against Ripple and return $75 million of the $125 million in civil penalties held in escrow, according to a May 8 SEC statement.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
SEC Commissioner Caroline Crenshaw voiced her disapproval on May 8, arguing that the proposed settlement would weaken the SEC's ability to enforce cryptocurrency regulations and undermine the court's authority.
Crenshaw stated:
"This settlement, alongside the programmatic disassembly of the SEC’s crypto enforcement program, does a tremendous disservice to the investing public and undermines the court’s role in interpreting our securities laws."