In a series of Twitter posts, Brad Garlinghouse, CEO of Ripple, slammed the US Securities and Exchange Commission for its “hypocrisy” in public pronouncements regarding the cryptocurrency business.
On Tuesday, Garlinghouse tweeted an image of a character from The Office looking confused in response to a message to the SEC.
“Ah, the absurdity of being an unelected bureaucrat, where you can constantly prognosticate from your bully pulpit (every week, a new video or lecture! ), and then claim that no one should take your words as advice.”
Following its appeal to the SEC in July, Coinbase has now requested a response. In a court document made on Monday, the SEC urged the judge to deny the motion.
The SEC stated that it was not obligated to implement the changes proposed by Coinbase and that the company was asking for too many changes too quickly.
Since 2020, when the SEC accused Ripple, Garlinghouse, and Christian Larsen of illegally generating $1.3 billion via the sale of XRP, the business and its founders have been at odds with the government.
When the SEC is prepared to submit formal charges to the five-member panel, the agency sends out a Wells notice.
According to Coinbase, the government has not followed the rules by allowing Coinbase and similar businesses to register.
Gensler, on the other hand, claims that regulations for crypto already exist and labels the sector as “largely non-compliant.”
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