Coinbase Seeks Clarity from SEC
Many firms in the crypto industry, including Coinbase, have been requesting clear guidelines from the SEC to ensure compliance. However, the SEC has not provided a clear stance and has relied on regulation through enforcement. Coinbase filed a petition in May 2023, urging the SEC to establish a transparent regulatory framework for the crypto industry. Unfortunately, the SEC did not respond to this petition.
Ripple CEO Calls Out Gensler
Ripple CEO Brad Garlinghouse criticized SEC Chair Gary Gensler, accusing him of involvement in a major fraud. Garlinghouse pointed to Gensler’s meetings with former FTX CEO Sam Bankman-Fried during the FTX collapse, where retail investors suffered significant losses. Garlinghouse called Gensler’s actions “stunning hypocrisy” and claimed that he continues to maintain relationships with Wall Street elites due to his previous work at Goldman Sachs.
Hot Take: The Clash Continues
The tension between Ripple and the SEC escalates as Brad Garlinghouse openly criticizes Gary Gensler’s approach to non-compliance in the crypto industry. This clash highlights the ongoing struggle for clarity and regulation within the cryptocurrency space. While Coinbase and other firms seek guidance from the SEC, the lack of a clear regulatory framework hinders compliance efforts and undermines confidence in the industry. As these debates continue, it remains to be seen how regulators will address these concerns and provide much-needed clarity for market participants.
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