Ripple CEO calls SEC's move to sue the company before Christmas a "grinch-like."
Brad Garlinghouse, Ripple's chief executive officer, has urged the crypto community to continue fighting for regulatory clarity, even after the ongoing lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple will be over.
On June 17th, Brad Garlinghouse took to Twitter to voice his frustrations with the SEC while summarizing the lawsuit's progress through a video. The chief executive conveyed his discontent regarding the SEC's actions, labeling them as a stark example of “bad faith."
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Garlinghouse stressed the need for collective action within the industry, as the SEC's interventions might not be limited to Ripple alone. He highlighted:
Ultimately as our lawsuit comes to a close, for so many others it's just starting, so the fight for clarity has to continue.
It is worth noting that on June 13th, the crucial documents for Ripple's defense, dubbed Hinman Documents, were unveiled.
In the video, Garlinghouse claimed that the Hinman documents unveil that the SEC “knowingly created confusion about the rules, and they used that confusion through enforcement.” The Ripple CEO accused the agency of putting politics and power over the welfare of the people and prudent policy-making.
Reflecting on the origin of the legal battle with Ripple, which commenced in December 2020, Garlinghouse perceived the timing of the case filing, mere "days before Christmas," as a "grinch-like" move.
He shared that even though he addressed "every question <the SEC> had" asked before the lawsuit was initiated, it was never intimated that XRP, Ripple's native token, was deemed a security.
Garlinghouse held that the SEC's approach could potentially stifle innovation and undermine the crypto industry's growth in the US. He argued that the implications of Hinman's speech go beyond any single blockchain or token and essentially reflect the SEC's overall attitude towards the cryptocurrency sphere.
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 comments came in light of the SEC's recent legal actions against crypto exchange Binance for allegedly providing unregistered securities, followed by similar action against Coinbase.
