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Ripple CEO Brad Garlinghouse has warned that as Ripple\u2019s legal battle against the United States Securities and Exchange Commission (SEC) is coming \u201cto a close,\u201d it is only the beginning of a larger battle for the industry and the fight for regulatory clarity \u201chas to continue.\u201c<\/p>\n
After the Hinman Documents were unsealed on June 13 as part of the ongoing lawsuit between<\/a>\u00a0Ripple and the SEC, Garlinghouse published a video on Twitter discussing the lawsuit\u2019s timeline and expressing his frustration with the agency.<\/p>\n In June 17 video, Garlinghouse said the Hinman documents suggest that the SEC \u201cknowingly created confusion about the rules, and they used that confusion through enforcement.\u201d<\/p>\n Trying something new \u2013 some thoughts from me on the events (specifically the release of the Hinman documents) of this week. For me, this has all had a personal bent to it – and felt like it warranted some personal comments. pic.twitter.com\/k4dYeQGhsN<\/a><\/p>\n \u2014 Brad Garlinghouse (@bgarlinghouse) June 16, 2023<\/a><\/p><\/blockquote>\n In his remarks, Garlinghouse strongly criticized the SEC\u2019s actions, describing them as a clear case of \u201cbad faith, plain and simple.\u201c\u00a0<\/p>\n He believes this attitude was present from the very beginning of the lawsuit against Ripple, which was initially filed in December 2020<\/a>, saying it felt like a \u201cvery grinch-like touch\u201d to file the case just \u201cdays before Christmas.\u201c<\/p>\n \u201cThis is the definition of putting politics over people [\u2026] and the pursuit of power over sound policy,\u201d he stated.<\/p>\n Garlinghouse explained that prior to the lawsuit being filed, he answered \u201cevery question [the SEC] had\u201d and it was never suggested to him that XRP (XRP<\/a>) was a security.<\/p>\n He believes that the SEC is \u201clooking to kill\u201d innovation and the cryptocurrency industry in the U.S., arguing that the Hinman speech isn\u2019t about \u201cany one token or any one blockchain,\u201d but more so the overall stance that the SEC has toward the crypto industry.<\/p>\n \u201cThis 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.\u201d<\/p><\/blockquote>\n Garlinghouse further explained that \u201cat best,\u201d the documents suggest that SEC senior officials \u201ccouldn\u2019t agree\u201d on the law and told Bill Hinman directly that \u201che would confuse the public even more about the rules for crypto.\u201d<\/p>\n On June 13, Cointelegraph reported that notes in the revealed documents suggested the editors were concerned<\/a> that Hinman stating Ether (ETH<\/a>) is not a security may make it \u201cdifficult for the agency to take a different position on Ether in the future.\u201d<\/p>\n However, Garlinghouse stated that \u201cat worst,\u201d the documents showed that Hinman \u201cdeliberately ignored the law\u201d and tried to \u201ccreate new laws.\u201c<\/p>\n Related: <\/em><\/strong>Ripple welcomes MiCA regulation as US lawsuit highlights lack of clarity<\/em><\/strong><\/a><\/p>\n He emphasized that the industry must work together as the SEC could take action against more crypto firms in the future.<\/p>\n \u201cUltimately as our law suit comes to a close, for so many others its just starting, so the fight for clarity has to continue\u201d he stated.<\/p>\n This comes after the SEC filed a lawsuit\u00a0against crypto exchange<\/a> Binance on June 5 for allegedly offering unregistered securities. A day later, the regulator took action against Coinbase on similar grounds.<\/p>\n Magazine: <\/em><\/strong>Gary Gensler\u2019s job at risk, BlackRock\u2019s first spot Bitcoin ETF and other news: Hodler\u2019s Digest, June 11-17<\/em><\/strong><\/a><\/p>\n<\/div>\n\n