Brad Garlinghouse, the CEO of Ripple, has emphasized that the legal battle between Ripple and the SEC is approaching its end, but he believes it is just the beginning of a larger fight for regulatory clarity within the cryptocurrency industry.
Garlinghouse expressed his concerns and frustrations regarding the SEC’s actions in a video published on Twitter, particularly after the unsealing of the Hinman Documents, which shed light on the agency’s approach to cryptocurrencies.
Garlinghouse’s video addressed the recently unsealed Hinman Documents, which indicated that the SEC had created confusion around regulatory rules and used that confusion to enforce its actions. He strongly criticized the SEC’s behavior, describing it as a clear case of bad faith.
According to Garlinghouse, the SEC’s actions, including the timing of the lawsuit filed just before Christmas, reflect a prioritization of politics over people and a pursuit of power over sound policy.
Garlinghouse argued that the SEC’s actions go beyond targeting any specific token or blockchain. Instead, he believes they reflect the agency’s stance towards the entire crypto industry.
He accused the SEC of aiming to stifle innovation and the growth of the cryptocurrency industry in the United States. Garlinghouse highlighted the SEC’s inconsistent messaging, professing open arms while enforcing actions against crypto players and misleading them with their guidance.
While Ripple’s lawsuit is nearing its conclusion, Garlinghouse stressed the importance of the industry working together to fight for regulatory clarity.
He expressed concern that the SEC’s actions against Ripple and other crypto firms could set a precedent for further regulatory actions in the future.
Garlinghouse emphasized the need for continued efforts to establish clear regulations that foster innovation while protecting investors and consumers.
The article briefly mentions the recent SEC lawsuits against crypto exchange Binance and Coinbase for allegedly offering unregistered securities. These actions serve as further examples of the regulatory challenges faced by the industry and reinforce Garlinghouse’s call for regulatory clarity.