- Garlinghouse has warned of a larger battle as Ripple’s fight against the SEC has neared its end.
- Unsealed Hinman Documents have shed light on the SEC’s deliberate confusion tactics.
- Garlinghouse has criticized the SEC’s actions as a clear case of bad faith.
Ripple CEO Brad Garlinghouse has warned that Ripple’s legal battle with the United States Securities and Exchange Commission (SEC) is just the start of a larger fight for regulatory clarity in the industry.
Garlinghouse Accuses SEC of Bad Faith
In a recent Twitter video, Garlinghouse expressed frustration with the SEC and highlighted the unsealed Hinman Documents from the ongoing lawsuit between Ripple and the SEC. These documents suggest that the SEC deliberately created confusion and exploited it through enforcement actions.
Garlinghouse strongly criticized the SEC’s actions as bad faith, accusing them of prioritizing politics over people and sound policy. He claimed that before the lawsuit, he answered every question from the SEC and was never told that XRP was a security.
According to Garlinghouse, the SEC’s actions aim to stifle innovation in the U.S. cryptocurrency industry. He argued that the Hinman speech reflects the SEC’s overall stance toward crypto rather than being about any specific token or blockchain.
Garlinghouse Calls for Unity Amid SEC’s Inconsistent Crypto Stance
The Hinman Documents also indicated internal disagreements within the SEC, with senior officials unsure about the law and intentionally seeking to confuse the public on crypto regulations. At worst, the documents suggested that Hinman deliberately disregarded the law and attempted to create new regulations.
Garlinghouse emphasized the need for industry collaboration, as the SEC could target more crypto firms in the future. He stated that the fight for regulatory clarity must continue even as Ripple’s lawsuit nears its conclusion.
These developments are crucial in the context of the SEC’s recent actions against major players in the crypto space, such as Binance and Coinbase, filing lawsuits and taking regulatory measures for alleged unregistered securities offerings.
On the Flipside
- While Garlinghouse warns of a larger battle in the future, it can be argued that the ongoing lawsuit between Ripple and the SEC is crucial to achieving regulatory clarity in the cryptocurrency industry.
- Regulatory clarity is a complex issue that cannot be resolved through litigation alone, and it requires a collaborative effort between industry stakeholders and regulatory bodies.
- The Hinman Documents may provide insights into the SEC’s internal discussions but do not necessarily invalidate the SEC’s position or justify Ripple’s actions.
Why This Matters
The Hinman Documents and Ripple CEO Brad Garlinghouse’s critical remarks against the SEC shed light on the agency’s actions and raise concerns about regulatory clarity within the cryptocurrency industry, underscoring the urgent need for transparent and consistent regulations.
To learn more about the deceptive practices of a former SEC director concerning Ripple’s lawsuit, read here:
To gain a better understanding of BlackRock’s Bitcoin proposal and its potential impact on the ETF trust, delve into the details here: