The Ripple versus SEC lawsuit nears its conclusion, with attention now turning to the recently unsealed Hinman Documents. Released to the public on June 12th, these documents have been a subject of intense interest following an extended legal dispute between Ripple and the United States Securities and Exchange Commission (SEC).
In response to this development, Ripple CEO Brad Garlinghouse has taken to video to address the contents of the Hinman emails, shedding light on what he perceives as the SEC’s hypocrisy and deliberate efforts to hinder cryptocurrency growth in the United States.
SEC’s Double Standards Revealed
In a significant development, Garlinghouse has released a video discussing the recently unsealed documents pertaining to Bill Hinman’s speech in June 2018. These documents, which have garnered significant attention within the ongoing Ripple versus SEC lawsuit, provide the basis for Garlinghouse’s critique of the SEC’s conduct.
In his video, Garlinghouse exposes what he views as a double standard employed by the SEC and even suggests that the agency actively aims to stifle innovation within the United States’ cryptocurrency space.
Garlinghouse Speaks Out
Garlinghouse commented, “After two years, seven court orders, and over $100 million in legal bills, the Hinman speech documents, including internal SEC emails and comments leading up to this now-infamous 2018 speech, have finally been unsealed.”
Trying something new – some thoughts from me on the events (specifically the release of the Hinman documents) of this week. For me, this has all had a personal bent to it – and felt like it warranted some personal comments. pic.twitter.com/k4dYeQGhsN — Brad Garlinghouse (@bgarlinghouse) June 16, 2023
Ripple’s Transparency and SEC Misconduct
Garlinghouse accuses the SEC of maintaining enforcement actions while providing misleading guidance. He emphasizes Ripple’s extensive engagement with the SEC over several years, citing meetings with former SEC Chairperson Jay Clayton and Bill Hinman. According to him, Ripple responded transparently to all of the SEC’s inquiries, with no indication that XRP should be classified as a security. However, the SEC surprised Ripple with a Wells notice, threatening legal action without providing clear guidance. Garlinghouse highlights the similarities faced by other entities, such as Coinbase and Paxos, who received Wells notices and subsequent lawsuits from the SEC.
Is SEC Playing Favourites?
Garlinghouse further accuses the SEC of prioritizing power over reasonable policies in their actions against Ripple. He alleges that the agency employed bullying tactics to enforce compliance, but Ripple possessed the means to resist. The newly revealed documents, according to him, expose intentional ambiguity in the SEC’s regulations and enforcement, which he interprets as acting in bad faith.
Garlinghouse expresses gratitude to the XRP community for their unwavering support throughout the prolonged legal battle. As Ripple’s case nears its conclusion, he acknowledges that other entities, like Binance and Coinbase, are just beginning their own legal challenges. He encourages them to continue seeking regulatory clarification, as Ripple has done, in order to pave the way for greater certainty and progress in the cryptocurrency industry.
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