Brad Garlinghouse, CEO of Ripple, the company behind the XRP altcoin, posted a video on Twitter regarding the recently released Hinman documents.
Ripple CEO Brad Garlinghouse Saying Farewell to XRP Case
Stating that he does not publish such videos under normal conditions, Garlinghouse stated that he made this move because this week was extraordinary and referred to the Hinman documents.
Here are the highlights of Ripple CEO Brad Garlinghouse's speech:
“As you all know, after two years, 7 court orders, and $100 million spent on legal costs, the Hinman documents, including the SEC's internal emails and comments, have finally been released.
The Hinman papers revealed new factors in the decentralization of a token to the point that it would not be considered a security.
In the best-case scenario, these Hinman documents told Hinman directly that senior officials at the SEC did not agree on the law and would further confuse the public about cryptocurrencies.
In the worst-case scenario, it showed that Hinman knowingly and willfully broke the law and carried out the act of law-making, a power that only Congress has.
We learned that while Hinman was a government official, he received millions of dollars in payments from his own law firm and from various companies.
This talk is not about a single token or a single Blockchain. The purpose of this talk is to demonstrate the level of serious attack by the SEC against cryptocurrency companies and the false call to “come and sign up with us” and explain that it did so while lying about its so-called guidelines.
As you know, Ripple has been trying for years to negotiate with the SEC. I personally spoke with Jay Clayton and Bill Hinman personally. We answered all the questions they had and they never once told me that XRP is a security.
We were completely transparent, but we did not know that they would later use this information against us. The SEC hit us with a surprise Wells statement. They threatened to sue us for violating securities laws and did not provide any other information.
So when we consider the crypto companies that have received the Wells notification recently, these are no strangers to us.
When we were sued in the days before Christmas, they made it a personal matter. They also sued me and Chris Larsen, accusing us of knowing that XRP is a security all along.
Now we see that the SEC cannot even reach a consensus among themselves.
The SEC wants to end cryptocurrency innovation in the US, and its current, unelected president is using the regulatory uncertainty in crypto as his mandate to oversee the entire crypto world.
This is the definition of putting politics above the people. The SEC is bullying us, but fortunately we have the resources to defend ourselves.
Now we see what they've spent so long trying to hide, they deliberately got confused about the rules and used that confusion to implement the method of enforcement and regulation.
As our cause draws to a close, for some it is just beginning. The battle for legal clarity must continue.
In conclusion, I would like to appeal to my colleagues, family, friends and XRP army at Ripple, sincerely thank you for your support.”
*Not investment advice.