The end of a battle, the beginning of war – In the light Hinman documents recently revealed, Ripple could take a definite advantage in its fight against the SEC. Entangled in a lawsuit since December 2020, Brad Garlinghouse, boss of the company behind the XRP token, speaks. He affirms his position against the SEC (Securities and Exchange Commission) and returns to the latest elements of the investigation. All the details.
The Hinman documents: key to Ripple’s victory?
” [La SEC] preaches and demands transparency from those it regulates, but fights tooth and nail when the same standards are demanded of it. »
Brad Garlinghouse, CEO of Ripple
The unsealing of the Hinman documents exposed the internal contradictions of the SEC to the world. Previous director William Hinman claimed in 2018 thatETH is not a security when the current boss, Gary Gensler, stubbornly maintains the opposite. Or rather, play with devious formulas in order to maintain regulatory vagueness for as long as possible.
Through a short video published on Twitter, Brad Garlinghouse returns to the recent revelations.
“After 2 years of litigation, 7 court orders and more than $100 million in legal costs, the documents relating to the Hinman speech, including internal SEC emails […] have finally been revealed. »
Brad Garlinghouse
Remember, Ripple was accused at the end of 2020 by the SEC of having distributed its XRP token without the agreement of the regulator. At the time, the SEC took everyone by surprise, announcing that it considered XRP a financial security. The whole issue behind the recovery of the Hinman documents for Ripple was therefore to show the inconsistencies of discourse and point of view within the SEC itself at that time.
“At best, these documents show that even officials within the SEC could not agree on the law. At worst, it shows that Hinman deliberately ignored the law. And that he tried to create new laws, something only Congress can do. »
Brad Garlinghouse
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Ripple Battle Ends, Crypto War Begins
By placing itself as the standard-bearer of the crypto industry in the face of the actions of the SEC, Ripple is also ensuring the support of public opinion and all players in the sector. An intelligent maneuver, certainly, but also up to the challenge. The court decision that will be made against them will affect the entire ecosystem.
“This speech is not about defending a particular token or blockchain. This is to show how the SEC has relentlessly pursued actions against crypto companies, while professing its false openness on the subject and enticing companies to come register. »
Brad Garlinghouse
Ripple’s CEO says he conducted numerous SEC interviews in the months and years leading up to the SEC’s lawsuit against the company. He explains that he was there without his lawyers, then considering the SEC as a partner. He answered all their questions and not once did they suggest that XRP could one day be considered a security.
The birth of an adapted crypto regulation will be painful in the face of the SEC
The SEC seeks to kill crypto innovation in the USA and its boss [Gary Gensler] uses the lack of regulatory transparency as a weapon in order to exercise its jurisdiction over the entire ecosystem. […] It is the pursuit of power at the expense of just regulation. […] »
Brad Garlinghouse
For Brad Garlinghouse, Ripple’s lawsuit against the SEC should come to an end soon. However, he recalls that for other actors, The battle has only begun.
“The Battle for Clarity [réglementaire] must continue. »
According to Ripple, the Hinman documents should end their lawsuit against the SEC. Brad Garlinghouse is convinced, these elements will tip the balance in his favor. However, the main problem in the USA persists: the lack of regulatory clarity. This legal vagueness is fully exploited by the SEC to fuel its assaults on companies in the sector such as Binance.US Or Coinbase. US Crypto Industry Crackdown Strategy May Well Eventually scare away all businesses in the country.
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