Ripple 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.
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility
- U.S. Treasury To Ease Tax Rule on Unrealized Bitcoin Gains, Aiding Saylor’s Strategy
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
