Ripple CEO Brad Garlinghouse took to Twitter to express his criticism of the US Securities and Exchange Commission (SEC) for what he perceives as hypocrisy in their public statements regarding the cryptocurrency industry. In a tweet on Tuesday, Garlinghouse shared a meme from The Office featuring a character looking confused, accompanied by a direct message to the SEC.
Garlinghouse pointed out the irony of being an unelected bureaucrat who consistently shares opinions and insights through various mediums, such as weekly videos and speeches, only to then assert that no one should consider their statements as guidance. He called attention to the inconsistency in the SEC's actions and statements, highlighting what he sees as a lack of reliability.
By utilizing social media and referencing a popular television show, Garlinghouse aimed to convey his discontent with the SEC's approach and shed light on what he perceives as a double standard within the regulatory agency.
Garlinghouse expressed additional concerns in response to the frustrations voiced by Paul Grewal, Coinbase's Chief Legal Officer, who stated on Monday that the SEC has deemed public statements made by its Chair, Gary Gensler, as “not formal guidance.”
Coinbase has formally requested a response from the SEC regarding its petition submitted in July, seeking more precise guidelines for cryptocurrency regulation.
In a court filing on Monday, the SEC made a plea to the judge to dismiss Coinbase's request.
The SEC stated that it is not obligated to fulfill the requirements specified by Coinbase and contended that the company has demanded a comprehensive set of reforms and regulations within an unreasonably limited timeframe.
In a tweet, Grewal remarked that the recent court filing is possibly the first instance where the SEC has formally articulated its perspective on whether and how it should establish regulations for the cryptocurrency industry.
Theyve got history
Since 2020, Ripple has been involved in a protracted legal dispute with the SEC. The agency accused Ripple, along with its CEO Brad Garlinghouse and co-founder Christian Larsen, of unlawfully raising $1.3 billion through the sale of XRP tokens.
A ruling from a judge is anticipated before the end of this year to provide resolution to the ongoing legal proceedings.
Similarly, Coinbase finds itself in a legal confrontation with the SEC after receiving a Wells Notice from the agency in March, indicating its intention to take enforcement action against the company.
A Wells notice is a communication from SEC staff informing that they are prepared to propose formal charges to the five-member commission.
Coinbase has asserted that the SEC has failed to fulfill its legal obligation by not offering companies like Coinbase a viable path for registration.
In the meantime, Gensler has expressed the view that regulations already exist to govern the cryptocurrency industry and has characterized the industry as “largely non-compliant.”
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