In a scathing criticism, Brad Garlinghouse, CEO of financial giant Ripple, publicly declared: convicted The US Securities and Exchange Commission (SEC) has announced a surprise backtrack on its legal battle with Binance, the world’s largest cryptocurrency exchange.
In his criticism of the SEC’s strategy, the Ripple CEO accused the regulator of being inconsistent and vague in its enforcement operations against leading digital asset platforms.
Ripple CEO Calls SEC Hypocrites
On Tuesday, the U.S. Securities and Exchange Commission announced She withdrew her application. The court classifies tokens like Solana (SOL), Cardano (ADA), and Polygon (MATIC) as securities in the lawsuit against Binance, which the crypto community has seen as a display of inconsistency and lack of transparency by the regulator.
According to the filing, the SEC notified the defendants of its intent to seek amendment to its complaint, specifically with respect to third-party crypto-asset securities.
The file stated:
The SEC has notified Defendants that it intends to seek to amend its complaint, including with respect to “third-party crypto-asset securities” as defined in the SEC’s comprehensive opposition to Defendants’ Motion to Dismiss the Action, No. 172, eliminating the need for the court to rule on the sufficiency of the claims with respect to these tokens at this time.
After meeting and consultation, Binance and the SEC The SEC has approved the commission’s motion to hold a briefing on the proposed amendment and memoranda. The SEC’s withdrawal of its motion simply means that the court will not classify the tokens in question as securities.
Expressing his dissatisfaction with this step, ripple Chief Executive Brad Garlinghouse said the development was further evidence of the regulator’s hypocrisy, calling for a more transparent and predictable regulatory framework.
Garlinghouse He also criticized the agency for not understanding its supposedly clear rules under Gary Gensler, but for applying them arbitrarily, exacerbating confusion in the industry. “Political agenda and bad faith litigation tactics. Certainly not loyal loyalty to the law,” the Ripple CEO added.
Gensler’s SEC Liable for Billions of Dollars in Damages
Brad Garlinghouse’s critics have been backed by prominent figures such as legal expert John E. Deaton. “As Garlinghouse points out, if the rules are so clear, as Gensler has said, why would his lawyers back away from those very clear rules?” Deaton advertiser.
The expert sees the SEC’s withdrawal from the Binance case as further evidence that Gensler needs to step down as SEC chairman, drawing attention to his involvement in the Ripple case.
Dayton He alleges that the SEC under Gensler caused billions of dollars in damages to individual investors due to some of its absurd claims. He also noted that on multiple occasions, Gensler lied under oath at the behest of U.S. Senator Elizabeth Warren, prompting the chairman’s immediate resignation.
Featured image by X, chart by Tradingview.com
