• The US Securities and Exchange Commission (SEC) recently went after two of the largest cryptocurrency exchanges, Coinbase and Binance, alleging them of selling unregistered securities.
• Ripple’s CEO Brad Garlinghouse believes that there is a deeper reason behind the SEC’s recent actions.
• He points out that while the SEC has been in a legal battle against Ripple for over two years in regard to its native token XRP, the lawsuits failed to mention it.
Ripple CEO Speaks on SEC’s Recent Actions
The US Securities and Exchange Commission (SEC) made headlines in the past two days when it went after two of the largest cryptocurrency exchanges – Coinbase and Binance – alleging them of selling unregistered securities. The SEC Chair claims these actions are for investor protection, but Ripple’s CEO Brad Garlinghouse believes that there is another reason behind these actions.
What Did SEC Do?
The SEC launched two high-tier lawsuits against both Coinbase and Binance within 24 hours. Both lawsuits allege that the exchanges are selling (and issuing in the case of Binance) unregistered securities in the form of various digital assets such as BNB, BUSD, SOL, MATIC, ADA, and others. Interestingly enough though, neither lawsuit mentioned Ripple’s native token XRP – even though the SEC has been in a legal battle against Ripple for over two years regarding this same issue.
Garlinghouse Weighs In
Despite his previous open criticism towards the regulatory body multiple times before this event occurred, Garlinghouse decided to weigh in on this matter as well. He didn’t agree with Gary Gensler’s official statement that these actions were taken for “pro-innovation” reasons; instead he asserted that they were trying to make a point by targeting large companies like Coinbase and Binance while ignoring smaller ones like FTX which also offer crypto derivatives trading services similar to those listed on both exchanges as part of their respective offerings.
Why Is This Important?
It is important to note here that both Coinbase and Binance have had an immense impact on how we view crypto today; not only did they help bring cryptocurrencies into mainstream consciousness but also facilitated wider adoption through their wide range of services aimed at helping people get into crypto trading easily without having to worry about technical details or security issues which can often be overwhelming for new users who don’t know what they’re doing yet. This makes it all the more important for us to understand why such giant players are being targeted by one regulatory authority while other similarly situated firms remain untouched by any kind of consequence up until now despite offering nearly identical services with some subtle differences between them from time-to-time (such as FTX).
Conclusion
All things considered then it seems clear that something else might be going on besides what has been officially stated so far; however only time will tell if our suspicions turn out correct or not! Until then let us keep an eye out for further developments related to these cases so we can stay informed better than ever before about anything related cryptocurrency law & regulations around world!