The Ripple CEO Slams Former SEC Chairman in Heated Exchange
In a scathing critique, Brad Garlinghouse, the CEO of Ripple, has accused former Securities Exchange Commission (SEC) Chairman Jay Clayton of hypocrisy. This comes in light of the SEC’s increased regulatory actions against various companies in the crypto industry since the beginning of 2023.
In a June 2023 interview with CNBC, Clayton stated that the SEC should only pursue legal action against companies ‘if they have a solid legal basis.’
Clash of Words
Garlinghouse pointed out that it was Clayton himself who filed a lawsuit against Ripple in December 2020, accusing him and Chris Larsen of raising over $1.3 billion through an unregistered digital securities offering. The irony of the situation was not lost on Garlinghouse, as Clayton resigned from the SEC the day after the complaint was filed.
Watching this clip makes my blood boil. The hypocrisy is shocking. CNBC and Squawk CNBC should be calling him out for the bullshit. (As a reminder, jay clayton brought the case against ripple, me and Chris Larsen. And left the building the next day).October 28, 2023
It’s worth noting that in July 2023, Judge Analisa Torres ruled that the sale of XRP on secondary markets did not constitute a securities contract. Consequently, the charges against Garlinghouse and Larsen were dropped by the SEC, exposing the contradictions in Clayton’s regulatory approach.
