Brad Garlinghouse, CEO of Ripple, took to social media to express his disagreement with the recent comments made by SEC Chairman Gary Gensler regarding cryptocurrency compliance.
Garlinghouse accused Gensler of hypocrisy, citing his ties to what Garlinghouse referred to as “the biggest fraud in recent memory.” He also criticized Gensler’s leadership for harming consumers and undermining the integrity of the SEC while maintaining close relationships with Wall Street.
Gensler’s stance on cryptocurrency compliance has sparked anger within Ripple.
The CEO’s response came after Gensler highlighted widespread non-compliance in the cryptocurrency space. Gensler expressed concern about the harm caused to consumer trust and the plight of those left dealing with the fallout in bankruptcy courts. He emphasized the challenges faced by compliant entities due to the actions of non-compliant counterparts.
Ripple’s General Counsel Criticizes SEC’s Regulatory Failures
Stuart Alderoty, Ripple’s Chief Legal Officer, addressed what he considers regulatory missteps by the SEC. He pointed to several court cases where the SEC has been criticized for its inconsistent and sometimes arbitrary regulatory approach.
Alderoty highlighted instances where the SEC has been called out for non-adherence to legal standards and procedures, such as missing regulatory amendment deadlines and refusing to provide clarification on the classification of joint loans.
Important Notice: The content of this article is for informational purposes only and should not be construed as financial advice. Chinwa.tech assumes no responsibility for any investment decisions made based on the information provided herein. It is strongly advised to seek the guidance of a qualified specialist or financial advisor before making any investment choices.