Regulation
Ripple CEO Accuses SEC of Hypocrisy, Confusing Regulations
Ripple CEO Brad Garlinghouse has been highly critical of the U.S. Securities and Exchange Commission in a recent social media post.
Following a decision by the SECOND has suspend allegations than Solana’s native crypto assets (GROUND), Cardan (ADA), and Polygon (MATICS) are unregistered titles in his ongoing lawsuit against BinanceGarlinghouse reached out to X to share his thoughts and denounce the SEC’s inconsistent regulatory approach.
Garlinghouse tweeted: “More evidence of SEC hypocrisy. Chairman Gensler testifies that the rules are clear, but his SEC fails to understand them and applies them haphazardly.”
Yet more proof of the SEC’s hypocrisy.
Chairman Gensler testifies that the rules are clear, but his SEC fails to understand them and applies them haphazardly, adding even more confusion to the industry.
A political agenda and/or bad faith litigation tactics. This is certainly not “fidelity to the law.” https://t.co/iX8IdvaW92
— Brad Garlinghouse (@bgarlinghouse) July 30, 2024
Ripple Following SEC Complaint Amendment
The SEC has announced plans to amend its complaint against Binance, which could provide temporary relief to the affected assets. They were previously under intense scrutiny and at risk of being delisted from trading platforms due to regulatory uncertainty.
The statement does not refer to Ripple (XRP), despite the ongoing legal dispute between the two parties. The SEC has accused Ripple, along with its executives Brad Garlinghouse and Christian Larsen, of selling unregistered securities, specifically XRP, worth over $1.3 billion to the public through their company.
The SEC’s motion to amend must be filed within 30 days of the court’s scheduling order, providing a brief reprieve for SOL, ADA, and MATIC investors. Despite the SEC’s latest ruling, Garlinghouse’s criticism underscores concerns within the crypto industry about regulatory clarity and consistency, especially with Gary Gensler at the helm.