In a recent turn of events, Brad Garlinghouse, the Ripple chief executive officer, has expressed doubts over the motive behind the U.S. Securities and Exchange Commission (SEC) suing two leading cryptocurrency exchanges. This comes after the US Supreme Court accepted a motion to consider arguments on limiting the discretionary powers of federal regulatory agencies. Prominent figures in the crypto industry are now questioning the extent of the SEC’s power to engage in legal battles against companies.
Given the strong support XRP holders often show towards Ripple in crypto lawsuits, the community is urging market participants to stand united against the SEC. On this note, it is essential to recognize the key differences in the SEC charges against Coinbase and Binance.
The SEC has recently come under heavy criticism for its failure to identify inconsistencies in the financial condition of FTX exchange before its collapse in November 2022. Consequently, Ripple’s CEO is suggesting that the SEC’s shortcomings in the FTX case are the genuine reasons behind their attacks on crypto businesses.
Garlinghouse fiercely criticizes SEC Chairman Gary Gensler, accusing him of attempting to use lawsuits against Binance and Coinbase as a means to detract from FTX’s failure. In his words, he said, “The SEC is throwing lawsuits at the wall and hoping they distract from the agency’s FTX debacle. It’s embarrassing to watch an unelected bureaucrat (Gary Gensler) flail like this to mask the fact that he and his agency don’t have the power that he so desperately craves.”
As we await further developments in the XRP vs. SEC lawsuit, it is expected that the Hinman documents will be made public within a week, potentially shedding more light on this ongoing legal issue.
In the midst of these controversies, Cardano (ADA) has witnessed a growing sell-off after being implicated in the Coinbase crackdown. It is crucial for both investors and enthusiasts to conduct thorough market research before making any decisions involving cryptocurrencies. It should be noted that the content present here may include the personal opinion of the author and is subject to market conditions. The author and the publication hold no responsibility for your personal financial loss.