Experts from the crypto community discuss the latest developments in the industry, especially the decision by the US Securities and Exchange Commission (SEC) to sue two of the world’s largest cryptocurrency exchanges: Binance and Coinbase.
Brad Garlinghouse, chief executive officer of Ripple, questioned the “good” motives of the regulator and criticized SEC Chairman Gary Gensler. He claims that the lawsuits against Binance and Coinbase are the SEC’s way of diverting attention from the FTX failure.
“The SEC is dropping the lawsuits and hoping they will divert attention from the FTX debacle. It’s embarrassing to watch an unelected bureaucrat (Gary Gensler) go to work to hide the fact that he and his agency don’t have the power he so desperately craves.”
Meanwhile, further progress in the XRP vs. SEC lawsuit is likely to occur within the next week when the Hinman papers are released to the public.
Dizer Capital founder Yasin Mobarak said that the SEC attack on the two largest crypto exchanges shows that the regulator is afraid to lose the Ripple lawsuit. He noted that the SEC’s loss in the Ripple case could lead to the creation of a precedent decision against the Commission.
“This insane SEC frontal attack on the two largest crypto exchanges (Binance and Coinbase) may indicate that they are concerned about setting a precedent against them in the Ripple case. Thus, this is their attempt to prevent this damage by speeding up their main attack plans to offset the losses with Ripple and claim that the loss only applies to the facts and circumstances of Ripple and XRP and does not apply to the entire industry.”