The US Securities and Exchange Commission has made headlines over the past two days by going after two of the largest crypto exchanges in the world, accusing them of selling unregistered securities.
While the SEC chairman claims these actions are for the greater good of investors, Ripple CEO Brad Garlinghouse believes there is another reason.
Lawsuits against Binance and Coinbase
In the space of just 24 hours, the SEC filed two very important lawsuits against two of the biggest players in the crypto world: Binance and Coinbase.
These cases have some minor differences, but at their core, they both claim that the exchanges sell (and issue, in Binance’s case) unregistered securities in the form of various cryptocurrencies, including BNB, BUSD, SOL, MATIC, ADA, and more. about 60 others.
Ripple CEO Criticizes SEC
Interestingly, the lawsuits make no mention of the XRP token, despite the SEC having been fighting a legal battle against Ripple on the same issue for over two years. Nevertheless, Ripple’s CEO has decided to speak out on the matter, even though he has repeatedly criticized the SEC in the past.
Garlinghouse disagrees with Gary Gensler’s narrative that the Commission is good for innovation. He even claims that the SEC is trying to show they are vigilant as they were unable to prevent last year’s FTX crash despite their oversight role.
In addition, Ripple’s CEO says Gensler and his agency are meddling too much because they don’t have the “power he so desperately craves.”