NewsletterRipple CEO Alleges SEC Chair Incorrectly Labels Tokens As Securities In Lawsuits
XRP News: The digital asset industry finally witnessed the release of much anticipated Hinman speech linked documents in the US SEC Vs XRP lawsuit. The release of crucial memos opened up different aspects for Ripple against the commission. However, Defendant and Ripple CEO, Brad Garlinghouse addressed the release of Hinman Docs in a video.
Also Read: Coinbase Asks Court To Grant Mandamus Amid US SEC Delay Tactics
Ripple CEO Mocks SEC Over Clear Rules
Ripple CEO stated that the release of Hinman documents is the truly first time the SEC was forced to be transparent regarding their lack of internal coherence. This move acknowledged that the commission may not have the jurisdiction to fill the regulatory gap around the crypto industry.
He added that the US SEC has been asking for transparency from the digital asset linked businesses. However, the commission fought hard to protect these momes and ditch transparency. This has led the SEC Chair Gary Gensler to refuse to comment on several specific projects.
Ripple CEO mentioned that the commission is now indirectly and incorrectly labeling tokens as securities in recent lawsuits. The US SEC chair is promoting that there are clear rules meanwhile the agency is trying to front run Congress. Read More XRP News Here…
SEC Using The Same Tactics In Every Lawsuit
The commission recently filed back to back lawsuits against the two biggest crypto exchanges, Binance and Coinbase. It alleged that Binance, its US affiliate, and its executives were operating illegally. While Coinbase was offering unregistered securities to its users.
Garlinghouse added that they have witnessed a pattern in the recent US SEC filed cases against the crypto exchanges similar to what the commission did to them. He claimed that the agency is killing crypto innovations in the country.
He stated that the current chair is an unelected bureaucrat who is weaponizing the lack of regulatory clarity to exert its jurisdiction over the entire crypto space.
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