Ripple (XRP) CEO Brad Garlinghouse criticized US Securities and Exchange Commission (SEC) Chairman Gary Gensler on his Twitter account for his "ridiculous" claim that he is pro-innovation.
Garlinghouse, CEO of Ripple, the fintech company that manages the XRP altcoin, accused Gensler of "placing random lawsuits" and hoping they would distract from the "FTX debacle" the institution was experiencing.
Garlinghouse cited recent lawsuits filed by the SEC against two major cryptocurrency exchanges, Binance and Coinbase, for allegedly violating securities laws by offering certain products and services to US investors.
Garlinghouse also said Gensler was "fluttering" to mask the fact that he and his institution don't have the power he "desperately desired".
“Nobody is stupid,” he added.
It’s embarrassing to watch an unelected bureaucrat flail like this to mask the fact that he and his agency don’t have the power that he so desperately craves. No one is fooled.
— Brad Garlinghouse (@bgarlinghouse) June 6, 2023
Garlinghouse himself, along with Ripple co-founder Chris Larsen, is facing a lawsuit by the SEC for allegedly conducting an unregistered offering of XRP securities worth $1.3 billion.
The lawsuit, filed in December 2020, sparked a legal battle between Ripple and the SEC, with both parties sharing motions and arguments in court.
Ripple argues that XRP is not a security, but a digital asset that facilitates cross-border payments. However, it was noteworthy that the SEC did not show XRP as a security in its recent lawsuits.
*Not investment advice.
