The U.S. financial regulator’s alleged dishonesty and the ongoing legal battle signal a new chapter for many crypto companies, as expressed by Brad Garlinghouse, Ripple’s CEO.
Garlinghouse believes that as Ripple approaches the end of its legal confrontation with the U.S. financial watchdog, a broader struggle for the entire industry is about to commence. He stressed the need for continuous efforts to achieve regulatory clarity.
Following the unsealing of the Hinman Documents on June 13, which are part of the Ripple-SEC lawsuit, Garlinghouse took to Twitter to express his frustration with the SEC and discuss the lawsuit’s timeline.
On June 17, Garlinghouse released a video highlighting the now-public Hinman documents. According to him, these documents indicate that the SEC intentionally created confusion about the regulations and exploited it for enforcement purposes.
Trying something new – some thoughts from me on the events (specifically the release of the Hinman documents) of this week. For me, this has all had a personal bent to it – and felt like it warranted some personal comments. pic.twitter.com/k4dYeQGhsN
— Brad Garlinghouse (@bgarlinghouse) June 16, 2023
Ripple CEO exposes SEC’s bad faith actions, warning of a regulatory struggle for the crypto industry. Hinman documents unveiled in ongoing lawsuit.”
Garlinghouse strongly criticized the SEC’s actions, labeling them as a clear example of bad faith.
He believes this dishonesty was evident from the beginning of the lawsuit, which was filed just before Christmas, resembling the actions of the Grinch.
He accused the SEC of prioritizing politics over people and pursuing power instead of sound policy.
Garlinghouse clarified that he had answered all of the SEC’s questions prior to the lawsuit, without being informed that XRP could be considered a security.
He argued that the SEC is attempting to stifle innovation and the cryptocurrency industry in the United States.
According to him, the focus should not be on specific tokens or blockchains but rather on the SEC’s overall stance toward the crypto industry.
He stated that the SEC has consistently taken severe actions against crypto players while pretending to be open and supportive of registration, all while providing misleading guidance.
Garlinghouse further explained that the documents suggest senior SEC officials could not agree on the law, and they even informed Bill Hinman that his statements would further confuse the public about crypto regulations.
On June 13, Cointelegraph reported that the revealed documents raised concerns among the editors about how Hinman’s statement regarding Ether’s status as a security might hinder the agency from changing its position on Ether in the future.
However, Garlinghouse argued that, at worst, the documents indicate that Hinman deliberately disregarded the law and attempted to establish new rules.
He emphasized the importance of industry collaboration, as he believes the SEC may take action against more crypto firms in the future.
Garlinghouse concluded by stating that while Ripple’s lawsuit is approaching its end, the pursuit of clarity is just beginning for many others in the industry.
These developments come after the SEC filed lawsuits against Binance on June 5, alleging the offering of unregistered securities, and against Coinbase a day later, on similar grounds.
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