Ripple CEO’s scathing remarks about SEC chairman draw endorsement from prominent crypto lawyer Bill Morgan, exposing alleged hypocrisy.
In a show of support, prominent crypto lawyer Bill Morgan took to Twitter to express conviction in the Ripple Labs teams in its battle against the US Securities and Exchange Commission (SEC), given a recent statement from Ripple CEO Brad Garlinghouse.
The Ripple CEO recently issued scathing statements about SEC chairman Gary Gensler, criticizing Gensler’s acclaimed “pro-innovation” stance, suggesting it was the opposite in reality.
In response, Morgan tweeted, “Not the words of a man expecting a bad outcome in a lawsuit brought against him by the SEC,” a remark that served as a vote of confidence to Ripple’s legal position.
Not the words of a man expecting a bad outcome in a lawsuit brought against him by the SEC https://t.co/bxt3PgPlGp
— bill morgan (@Belisarius2020) June 6, 2023
SEC is Desperate
Garlinghouse’s original tweet accused Gensler of adopting a hypocritical stance and pointed out that the SEC’s actions were intended to divert attention from the agency’s recent regulatory missteps concerning the now-defunct FTX crypto exchange.
“The SEC is throwing lawsuits at the wall and hoping they distract from the agency’s FTX debacle.” the Ripple CEO argued.
If it wasn’t already clear, it should be now – Chair Gensler’s laughable “pro-innovation” stance (as he said today), is exactly the opposite. What this also tells me is that the SEC is throwing lawsuits at the wall and hoping they distract from the agency’s FTX debacle.
— Brad Garlinghouse (@bgarlinghouse) June 6, 2023
Feeling embarrassed by the SEC chairman’s activities, Garlinghouse further stated that the regulatory agency is attempting to mask its lack of power and authority by deploying lawsuits.
“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.”
Notably, the commentary from Garlinghouse and Morgan occurred amid a broader backdrop of legal battles between the SEC and major players in the crypto industry.
Specifically, this week, the SEC filed lawsuits against leading exchanges Binance and Coinbase, accusing them of operating as unregistered securities exchanges, as reported by The Crypto Basic.
These lawsuits have fueled concerns within the crypto community about the SEC’s regulatory approach and its impact on the industry. The ongoing legal battles and the tweets from Garlinghouse and Morgan also highlight the growing tensions between regulators and crypto companies.
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