Brad Garlinghouse, Ripple’s CEO, recently launched a scathing critique against the U.S. Securities and Exchange Commission (SEC) and its current chair, Gary Gensler.
The criticism primarily revolves around the perceived mishandling of cryptocurrency regulation, reflecting a growing tension between Ripple and the SEC in navigating the regulatory landscape.
In response to the unsealing of the Hinman speech documents during the Ripple vs. SEC case, Brad Garlinghouse expressed his sentiments, referring to Gary Gensler as a ‘bureaucrat’ who, in his view, was weaponizing regulation.
In a Twitter video on June 16, Garlinghouse voiced his concerns regarding the approach taken by the SEC and emphasized the need for clarity and fair treatment within the cryptocurrency industry.
Garlinghouse argues that Ripple’s case serves as a symbol of the SEC’s wider crackdown on the cryptocurrency industry. He accuses the regulatory body of intentionally creating regulatory ambiguity to selectively enforce its own agenda.
Also Read: Ripple CEO’s Optimism Fuels XRP Bull Run Speculation
According to Garlinghouse, this approach by the SEC fosters confusion and hinders the industry’s progress, highlighting the need for clearer and more consistent regulations.
Garlinghouse firmly asserts that the SEC, under its current chair, is seeking to stifle cryptocurrency innovation in the United States. He criticizes the chair as an unelected bureaucrat who is exploiting the lack of regulatory clarity to exert control over the entire crypto industry.
According to Garlinghouse, this approach prioritizes political interests over the well-being of individuals and demonstrates a pursuit of power instead of implementing effective policies.
Trying something new – 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
— Brad Garlinghouse (@bgarlinghouse) June 16, 2023
Also Read: Ripple CEO Warns of Crypto Firms’ Departure if US Policies Continue!
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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