Ripple CEO Lambastes US SEC Over Binance Legal Dispute
Brad Garlinghouse, the CEO of Ripple, has publicly criticized the US Securities and Exchange Commission (SEC) over its decision to withdraw from the legal battle with Binance, the world’s largest cryptocurrency exchange. Garlinghouse accuses the SEC of inconsistency and vagueness in its enforcement actions against prominent digital asset platforms.
Alleged Hypocrisy by Ripple CEO
On Tuesday, the SEC pulled back its request to classify tokens like Solana (SOL), Cardano (ADA), and Polygon (MATIC) as securities in the lawsuit against Binance. This move has raised concerns within the crypto community about the regulatory watchdog’s lack of transparency and consistency.
- The SEC informed the defendants about its plan to amend the complaint, specifically in relation to Third Party Crypto Asset Securities.
- This notification aims to eliminate the need for the court to rule on the sufficiency of allegations concerning those tokens at this time.
- Binance and the SEC agreed to have a briefing on a motion to amend and pleadings, leading to the court no longer classifying the involved tokens as securities.
SEC’s Actions Criticized
Expressing disagreement with the SEC’s decision, Ripple CEO Brad Garlinghouse highlights the hypocrisy within the regulatory body and calls for a more transparent and predictable regulatory framework. He criticizes the agency for misinterpreting its own rules under Gary Gensler and applying them inconsistently, causing confusion in the industry.
- Garlinghouse condemns the SEC for pursuing a political agenda and engaging in litigation tactics that do not align with the law’s true intent.
Gensler’s SEC Blamed for Losses
Garlinghouse’s stance has received support from legal expert John E. Deaton, who questions why the SEC is retracting from clear rules, as claimed by Gensler. Deaton suggests that Gensler should consider stepping down from his role at the SEC due to his involvement in cases like Ripple.
- Deaton argues that Gensler’s leadership at the SEC has led to billions of dollars in losses for retail investors and accuses him of lying under oath on Senator Elizabeth Warren’s instructions.
Hot Take: Ripple CEO Blasts SEC’s Inconsistency
In a scathing criticism, Brad Garlinghouse, the Chief Executive Officer (CEO) of financial giant, Ripple, has publicly condemned the United States Securities and Exchange Commission (SEC) over its sudden retracement from the legal tussle with Binance, the world’s largest cryptocurrency exchange.
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