Ripple CEO warns of ongoing battle for clarity in the crypto industry

Ripple CEO Brad Garlinghouse has declared that the fight for clarity in the crypto industry “has to continue” after the unsealing of the Hinman documents earlier this month. The documents pertain to a 2018 speech given by former Securities and Exchange Commission (SEC) official William Hinman, who stated that Ethereum is not a security. Garlinghouse believed that these documents could bolster Ripple’s case regarding their token, XRP. Garlinghouse argued that the SEC acted in “bad faith” and deliberately created confusion about the rules, using enforcement as a means to do so. He further stated that the SEC’s actions were motivated by politics and the pursuit of power over sound policy. Garlinghouse emphasized that only Congress has the power to create new laws and that the SEC should not be able to do so. He also noted that senior officials at the SEC couldn’t agree on the law and expressed concern that Hinman’s statement about Ether being a non-security could make it difficult for the agency to take a different position on Ether in the future. Garlinghouse’s comments come as Ripple’s case against the SEC comes “to a close,” but he warned that this was just the beginning of the battle for many other crypto firms.

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