Ripple CEO Brad Garlinghouse hasn’t held back on Twitter in criticizing the SEC for “hypocrisy” in its public statements regarding the cryptocurrency industry.
Garlinghouse tweeted a meme from The Office where a character looks confused in response, adding a pointed message to the SEC on Tuesday.
“Ah the hypocrisy of being an unelected bureaucrat – where you can prophesy all the time (a new video or speech every week!) on your bully pulpit and then say no one should trust your statements as guidance …”
Coinbase Chief Legal Officer Paul Grewal said on Monday that the SEC has noted that public statements made by its president, Gary Gensler, “are not formal guidance.”
Coinbase has asked the SEC to respond to its July petition that sought clearer crypto regulation guidelines.
The SEC asked a judge to deny that request on Monday, according to a court filing,
seconds Said It was not mandated to meet the requirements outlined by Coinbase and argued that the firm has unreasonably asked for a complex set of reforms and regulations in a short amount of time.
“Today’s filing may be the first time the SEC has formally explained in court its views on whether and how the SEC should regulate the crypto industry,” Grewal tweeted.
they have a history
Ripple has been embroiled in a long-standing dispute with the SEC since 2020, when the agency accused the company as well as Garlinghouse and co-founder Christian Larsen of raising $1.3 billion through the sale of XRP.
A decision from a judge is still expected this year.
Coinbase is also battling the SEC after the agency sent a Wells notice in March.
The Wells notice is a letter from SEC staff stating that the agency is ready to recommend formal charges to the five-member commission.
Coinbase has said that the agency did not comply with the law by providing a way for such companies to register.
Meanwhile, Gensler says the rules are already in place. Existence to regulate crypto and has called the industry “largely non-compliant”.