Ripple Boss Criticizes SEC Actions Sued Coinbase And Binance

JAKARTA - Ripple CEO Brad Garlinghouse criticized legal action by the US Securities and Exchange Commission (SEC) against Coinbase and Binance US, two major cryptocurrency exchanges.

According to Garlinghouse, this action could hinder innovation in the cryptocurrency industry in the United States. He stated that the attitude of the SEC and its chairman, Gary Gensler, who was claimed to be "pro-innovating", was actually against its goals.

Garlinghouse's criticism comes after Gensler made a statement to CNBC about non-compliance with cryptocurrency exchanges with securities laws.

Gensler stated that the actions taken by the SEC were "pro-innovation" because trust is key to the capital market. Coinbase CEO Brian Armstrong and Wyoming Senator Cynthia Lummis also talked about how these policies could affect the future of the crypto industry in the United States.

Garlinghouse also considers the SEC's recent actions as an attempt to distract from other developments in the crypto industry. He feels that the SEC is trying to cover up the fact that they don't have the desired power by throwing a lawsuit against other companies.

Although the SEC accuses Ripple and Garlinghouse of offering unregistered securities, Ripple is still battling the allegations. The legal feud between Ripple and the SEC began in December 2020 when the SEC accused Ripple of offering unlisted securities worth $1.3 billion.

Garlinghouse challenged the SEC's jurisdiction in this case and called their actions an embarrassing attempt by an unelected bureaucrat. Meanwhile, concerns arise that the SEC's actions could lead to the crypto industry moving to other countries.