The U.S. Securities and Exchange Commission (SEC) was questioned by the CEO of Ripple, Brad Garlinghouse, regarding crypto-related litigation.
CEO of Ripple, Brad Garlinghouse, questioned the motives of the U.S. Securities and Exchange Commission (SEC) in prosecuting two of the world’s leading cryptocurrency exchanges.
Recall that the United States Supreme Court had previously accepted the motion to evaluate arguments about reducing the discretionary powers of federal regulatory agencies.
In the meantime, influential members of the crypto market community are questioning the SEC’s legal ability to combat corporations. When it comes to crypto litigation, XRP holders frequently demonstrate strong support for Ripple, and in this instance, the community is urging market participants to unite against the SEC.
Recent criticism has focused on the SEC’s failure to detect the disparities in the financial condition of the FTX exchange before its collapse in November 2022. Consequently, the CEO of Ripple cites the FTX failure as the real cause of the SEC’s assault on crypto businesses.
SEC Lawsuits
Gary Gensler, chairman of the SEC, was severely criticized by Garlinghouse for hiding behind a lack of authority to attack businesses. He claimed that the lawsuits against Binance and Coinbase were an attempt by the SEC to divert attention away from its FTX failure.
“The SEC is throwing lawsuits at the wall and hoping they distract from the agency’s FTX debacle. It’s embarrassing to watch an unelected bureaucrat (Gary Gensler) flail like this to mask the fact that he and his agency don’t have the power that he so desperately craves.”.
When the Hinman documents are made public in the coming week, the XRP vs. SEC lawsuit will likely cause further progress.
