The CEO of Ripple, Brad Garlinghouse has emphasized the significance of Ripple’s legal confrontation with the United States Securities and Exchange Commission (SEC), noting that although the battle is nearing its end, it signifies just the initial stage of a larger industry-wide struggle.
Garlinghouse conveyed his sentiments in a recently shared video on Twitter, where he discussed the lawsuit’s timeline and expressed his discontent with the regulatory agency.
During the video, which was released on June 17, Garlinghouse highlighted the unsealing of the Hinman Document as a pivotal moment in the ongoing legal dispute between Ripple and the SEC. He pointed out that these documents indicated the SEC’s intentional efforts to generate confusion regarding the governing regulations and exploit this confusion through enforcement actions.
During his address, Garlinghouse vehemently condemned the actions of the SEC, characterizing them as an evident display of “bad faith, plain and simple. ”
According to him, this negative disposition was apparent right from the start of the lawsuit against Ripple, which was initially lodged in December 2020.
Garlinghouse expressed his sentiment that the timing of the case, filed just “days before Christmas,” felt like an unwelcome and Grinch-like intrusion.
In a strong statement, he expressed his dismay at the prioritization of politics over the well-being of individuals and the elevation of power over rational policy.
Garlinghouse went on to clarify that he had been forthcoming with the Securities and Exchange Commission (SEC), addressing all their inquiries and never being informed that XRP could be classified as a security.
According to him, the SEC’s intentions seem to be focused on stifling innovation and curtailing the growth of the cryptocurrency sector in the United States. He argued that the significance of the Hinman speech extends beyond any specific token or blockchain, emphasizing the SEC’s overarching stance towards the entire crypto industry.
Explaining on his previous remarks, Garlinghouse shed light on the document, implying that they reveal a lack of consensus among senior SEC officials regarding the legal framework. He claimed that some officials expressed concern that Bill Hinman’s actions would only add to the confusion surrounding crypto regulations.
However, in a more serious tone, Garlinghouse suggested that the documents could be interpreted as evidence of Hinman knowingly disregarding the existing laws and attempting to establish new ones.
Garlinghouse emphasized that while RIpple’s lawsuit is approaching its conclusion it signifies only the beginning for many others in the industry. He asserted that the fight for regulatory clarity needs to persist beyond Ripple’s case.
Also Read: Ripple Demands Investigation into SEC’s Controversial Speech
