Ripple CEO Asserts that Fight for Clear Regulations has to Continue
- Ripple CEO Brad Garlinghouse claims that the battle for regulatory clarity in the crypto space “has to continue.”
- He claims that the SEC acted in “bad faith, plain and simple.”
- Garlinghouse also claims that the regulator deliberately created confusion in the industry.
The CEO of blockchain payments firm Ripple, Brad Garlinghouse, has stated that the fight for regulatory clarity in the crypto space has to continue amid the lawsuits filed against leading crypto exchanges Binance and Coinbase by the United States Securities and Exchange Commission (SEC).
The executive noted that the court battle between the SEC and Ripple is about to come to an end while adding that this is only the beginning of many future battles that the crypto space has to fight for. Garlinghouse stated that the fight for clarity “has to continue.”
It is crucial to mention here that following a lot of back-and-forth movement between the SEC and Ripple, the Hinman documents were unveiled on June 13, and Ripple is not very optimistic when it comes to the conclusion of the case. The documents revolve around the former Director of the SEC’s Division of Corporate Finance, William Hinman, who stated that Ethereum (ETH) cannot be classified as a security. Based on the same argument, the Ripple CEO stated that the XRP token is also not a security.
As per Garlinghouse, the Hinman documents confirm that the SEC knowingly created confusion in the crypto space under the leadership of Chairman Gary Gensler. He said after creating confusion about the rules, the regulator used the situation via enforcement.
The Ripple executive said via a Twitter video posted on June 17 that this confusion created by the regulator is the “definition of putting politics over people […] and the pursuit of power over sound policy.” He also claims that the regulator acted in “bad faith, plain and simple.”
Garlinghouse also claims that in his several meetings with the SEC, he answered “every question [the SEC] had, and not once did they suggest to me that XRP was a security.” He emphasized that the Hinman documents are not about a single cryptocurrency or blockchain in general, but they represent the “relentless” enforcement action by the SEC.
“This is about showing the extent to which the SEC has relentlessly enforced action against crypto players, while professing fake open arms and calls to come in and register, all the while lying about their so-called guidance,” Garlinghouse said.
As reported earlier by Bitnation, Ripple continues to expand its global presence, recently announcing a partnership with Colombia’s central bank, Banco de la República to test a blockchain-based CBDC.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
