- Ripple CEO Brad Garlinghouse criticizes the SEC for inconsistent crypto regulations, causing industry confusion.
- SEC delays court ruling on Binance complaint, addressing ‘Third Party Crypto Asset Securities’ concerns.
- Former President Trump and other crypto influencers support Garlinghouse’s criticism of SEC Chair Gensler’s regulatory approach.
Ripples CEO Brad Garlinghouse criticized the Securities and Exchange Commission (SEC) of the United States for having distracting and unfavorable rules. This came following the SEC’s announcement that they would amend their initial allegations on Binance because of regulators’ contradictory moves.
Garlinghouse made a recent statement describing what he believes is regulatory inconsistency on the part of the SEC, which creates uncertainty within the industry. Although SEC Chairman Gary Gensler asserts the rules are clear, the CEO of Ripple highlighted that his agency’s activities suggest otherwise and the SEC is unable to implement them consistently.
SEC Plans to Amend Binance Complaint
The SEC said on Monday that it would update its original complaint against Binance. This development delays a court ruling on whether SOL, ADA, MATIC, and other tokens are securities. The filing addresses ” Third-Party Crypto Asset Securities” concerns without triggering an immediate court decision. Binance said this amendment could cover tokens other than those initially mentioned in the case.
Donald Trump Backs Garlinghouse Against SEC
Former President Donald Trump declared at Bitcoin Conference 2024 that if he returns to office, his first objective will be to remove Gary Gensler, the current SEC chairman, whom he accuses of spearheading an “anti-crypto campaign.” The ex-president also stated that he would nominate a new SEC chair who will embrace innovation and the future of digital assets in the United States.
Garlinghouse Hints At End Of SEC Battle
Garlinghouse stated that Ripple’s ongoing court battle with the SEC could be resolved next week after they hold private talks; he also stated that President Biden’s administration has done very little on digital asset regulation, which should not have required such a long lawsuit without clear rules from them.
Ripple is set to face trial over allegations of securities fraud after U.S. District Judge Phyllis Hamilton allowed a civil lawsuit against the company. The suit accuses CEO Brad Garlinghouse of making false statements during a 2017 interview. Although U.S. District Judge Analisa Torres previously pronounced XRP non-security, Ripple maintains its claims.
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