Ripple executives harshly criticized the US Securities and Exchange Commission (SEC) for its decision to amend its criminal complaint against cryptocurrency exchange Binance.
They argue that the SEC's actions have contributed to widespread confusion in the crypto industry.
On Tuesday, the SEC announced that it plans to amend the complaint against Binance to “Third Party Crypto Asset Securities.” According to a recent court filing, this change specifically relates to cryptocurrencies such as SOL, ADA, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.
Last year, the SEC initiated several lawsuits against various crypto firms. These cases primarily target platforms that the SEC believes should be registered and involve the classification of certain cryptocurrencies as securities. Last year, the SEC filed a lawsuit against Binance Holdings and its former CEO Changpeng Zhao. The lawsuit accused Binance of misleading customers, failing to block US investors' access to Binance.com, misdirecting capital into investment funds owned by Zhao, and operating as an unregistered exchange.
Similarly, the SEC also filed a lawsuit against crypto exchange Coinbase last year. In this case, the SEC alleged that Coinbase operated as an unregistered exchange, broker and clearing house. The SEC identified SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO as “cryptoasset securities.”
Ripple's chief legal officer, Stuart Alderoty, expressed disappointment on social media platform “The case is left in the middle. It cannot be arranged in this way.”
Ripple CEO Brad Garlinghouse also condemned the SEC's amended criminal complaint against Binance, calling it “hypocrisy.” He criticized SEC Chairman Gary Gensler in an article published in
*This is not investment advice.