Saturday, June 22, 2024

Brad Garlinghouse highlights ongoing pursuit for clarity as Ripple case approaches resolution

As Ripple’s legal clash with the United States Securities and Exchange Commission (SEC) draws closer to a resolution, Brad Garlinghouse, the CEO of Ripple, has issued a cautionary warning. He asserts that the forthcoming conclusion of Ripple’s case is merely the prologue to a more extensive struggle for the entire industry, emphasizing that the fight for regulatory clarity must persist.

Recently, on June 13, the unsealing of the Hinman Documents within the ongoing lawsuit between Ripple and the SEC spurred Garlinghouse to share his thoughts through a video on Twitter. In this video, he delved into the timeline of the lawsuit and expressed his frustration with the agency’s actions.

During his address on June 17, Garlinghouse drew attention to the implications of the Hinman documents, suggesting that the SEC intentionally propagated confusion regarding the regulations and exploited this ambiguity through enforcement measures.

Unreservedly, Garlinghouse condemned the SEC’s conduct, describing it as an evident case of acting in “bad faith, plain and simple.” He firmly believes that this attitude has been prevalent from the outset of the Ripple lawsuit, which was initially filed in December 2020. The timing of the lawsuit, just days before Christmas, left a bitter taste, reminiscent of the Grinch’s notorious character.

He underscored, “This is the epitome of prioritizing politics over people, and the pursuit of power over the establishment of sound policy.”

According to Garlinghouse, he was forthright in answering every query posed by the SEC prior to the lawsuit, and at no point was it implied that XRP constituted a security.

His conviction is that the SEC is actively seeking to stifle innovation within the cryptocurrency industry in the United States. He argues that the significance of the Hinman speech goes beyond any particular token or blockchain. Instead, it reflects the overall stance the SEC has adopted toward the entire crypto industry.

With these sentiments, Garlinghouse urges the industry to persevere, as the battle for regulatory clarity and the survival of innovation hang in the balance.

Read Also: SEC and Binance US Reach Temporary Agreement for Enhanced Asset Access

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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