Ripple CEO Brad Garlinghouse accused the U.S. Securities and Exchange Commission (SEC) of hypocrisy on Twitter on Tuesday.
Garlinghouse’s tweet came after the SEC announced that it had reached a settlement with cryptocurrency exchange Gemini. The settlement allows Gemini to continue trading Bitcoin and Ethereum futures contracts.
In his tweet, Garlinghouse said that the SEC’s decision to allow Gemini to continue trading Bitcoin and Ethereum futures contracts was “hypocritical.” He pointed out that the SEC has been pursuing Ripple for over two years for allegedly selling XRP, a cryptocurrency that is similar to Bitcoin and Ethereum.
“The SEC is hypocritical,” Garlinghouse tweeted. “They let @Gemini trade ETH and BTC futures, but they sue us for selling XRP, which is the same thing. The SEC needs to stop picking winners and losers in the crypto industry.”
The SEC has not yet responded to Garlinghouse’s tweet.
Here are some additional details about the case:
- The SEC filed its lawsuit against Ripple in December 2020.
- The SEC accused Ripple of selling XRP as an unregistered security.
- Ripple argued that XRP is not a security and that the SEC’s lawsuit was a “witch hunt.”
- The case is still ongoing.