Ripple CEO Brad Garlinghouse has warned that although Ripple’s legal dispute with the SEC is nearing its conclusion, the industry must continue to fight for regulatory clarity.
In a video published on Twitter, Garlinghouse expressed his frustration with the SEC’s actions and highlighted the recently unsealed Hinman Documents as evidence of the agency’s intentional confusion about the rules.
The Hinman Documents and SEC’s Actions
Garlinghouse discussed the unsealed Hinman Documents, which shed light on the SEC’s stance and actions in the Ripple lawsuit.
He argued that the documents indicate the SEC knowingly created confusion and used it as a tool for enforcement. Garlinghouse strongly criticized the agency’s behavior, describing it as a clear case of bad faith.
He highlighted that the lawsuit’s timing, filed just days before Christmas in 2020, felt like a deliberate attempt to prioritize politics over people and hinder innovation in the crypto industry.
SEC’s Approach to the Crypto Industry
According to Garlinghouse, the SEC’s actions against Ripple are not solely about one token or blockchain but reflect the agency’s broader stance toward the cryptocurrency industry.
He accused the SEC of aiming to stifle innovation and argued that the agency’s enforcement actions contradict their professed open arms and calls for registration.
Garlinghouse stated that the industry must recognize the extent to which the SEC has relentlessly pursued enforcement actions against crypto players while providing misleading guidance.
Continuing the Fight for Clarity
Garlinghouse emphasized the need for the industry to work together and continue fighting for regulatory clarity. He pointed out that the SEC’s actions against Binance and Coinbase demonstrate that the fight is not over and that more crypto firms could face regulatory action in the future.
Garlinghouse called for unity in the industry to ensure that innovation and progress in the cryptocurrency space are not impeded by regulatory ambiguity.
