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Brad Garlinghouse, Ripple's CEO, has cast the spotlight on the SEC's ambiguous approach to the cryptocurrency industry. In a recent public address, he expressed his dissatisfaction with the SEC's conduct throughout their legal clash. According to Garlinghouse, it's not just about wrapping up Ripple's ongoing lawsuit; instead, it marks the beginning of a more significant struggle for regulatory transparency within the digital currency realm.
Garlinghouse took to Twitter, sharing a video where he walked his followers through the timeline of the lawsuit. On June 17, he revealed that unsealed documents, known as the "Hinman Documents," suggested that the SEC intentionally created uncertainty around the industry's rules. He argued that this ambiguity was then exploited for enforcement purposes.
The Ripple CEO, who has had prior encounters with the SEC, claimed that the regulatory body has been acting in "bad faith." He strongly criticized their actions, stating that this negative attitude was evident from the outset of the lawsuit, which was filed just days before Christmas in 2020. He referred to the timing as having a "distinctly Grinch-like quality."
Prior to the lawsuit's filing, Garlinghouse had complied with all SEC inquiries, never getting the impression that Ripple's XRP was considered a security. He emphasized that the SEC's actions suggest an effort to stifle innovation in the American cryptocurrency industry. According to him, the controversy surrounding the Hinman speech is not about a specific blockchain or token but rather indicative of the SEC's broader perspective on the cryptocurrency space.
Going deeper into the contentious documents, Garlinghouse argued that, at best, they reveal a disagreement among SEC senior officials about the law. More significantly, he contended that they imply an attempt by Hinman to not only overlook but actually "forge new laws."
