{"id":86369,"date":"2023-10-30T18:00:13","date_gmt":"2023-10-30T16:00:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86369"},"modified":"2025-09-13T05:11:45","modified_gmt":"2025-09-13T02:11:45","slug":"brad-garlinghouse-accuses-former-sec-chair-of-hypocrisy","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/brad-garlinghouse-accuses-former-sec-chair-of-hypocrisy\/","title":{"rendered":"Brad Garlinghouse accuses former SEC chair of hypocrisy"},"content":{"rendered":"<p>CEO Ripple Brad Garlinghouse criticised former SEC chair Jay Clayton&#8217;s remarks on the agency&#8217;s approach to regulating the industry.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Watching this clip makes my blood boil. <\/p>\n<p>The hypocrisy is shocking. <a href=\"https:\/\/twitter.com\/CNBC?ref_src=twsrc%5Etfw\">@CNBC<\/a> <a href=\"https:\/\/twitter.com\/SquawkCNBC?ref_src=twsrc%5Etfw\">@SquawkCNBC<\/a> should be calling him out for the bullshit. <\/p>\n<p>(As a reminder, jay clayton brought the case against ripple, me and Chris Larsen. And left the building the next day).<\/p>\n<p>\u2014 Brad Garlinghouse (@bgarlinghouse) <a href=\"https:\/\/twitter.com\/bgarlinghouse\/status\/1718256586383130630?ref_src=twsrc%5Etfw\">October 28, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Garlinghouse left a comment under a post by Gemini co-founder Cameron Winklevoss on June 28. At the time, Clayton, on CNBC, expressed the view that the SEC should bring lawsuits against specific companies only when there are solid grounds for doing so.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abWatching this clip makes my blood boil. The hypocrisy is shocking,\u00bb wrote the head of Ripple.<\/p>\n<\/blockquote>\n<p>He noted that <a href=\"https:\/\/forklog.com\/en\/news\/sec-files-suit-against-ripple\">the SEC filed a suit<\/a> against him, the fintech company, and co-founder Chris Larsen under Clayton. The next day the official <a href=\"https:\/\/forklog.com\/en\/news\/jay-clayton-steps-down-as-head-of-the-u-s-sec\">resigned<\/a>.<\/p>\n<p>On June 13, 2023, the company <a href=\"https:\/\/forklog.com\/en\/news\/ripple-wins-case-against-the-sec-as-xrp-jumps-24-in-an-hour\">secured a partial victory<\/a> in the case. Judge Analisa Torres ruled that programmatic sales and other token distributions do not constitute the sale of investment contracts. However, according to the court&#8217;s ruling, the sale of XRP to institutional participants in the industry violated securities laws.<\/p>\n<p>The SEC <a href=\"https:\/\/forklog.com\/en\/news\/sec-appeals-partial-ruling-in-ripple-case\">attempted to challenge<\/a> the court&#8217;s ruling, but Torres <a href=\"https:\/\/forklog.com\/en\/news\/court-rejects-sec-appeal-in-ripple-case\">denied<\/a> the agency&#8217;s interlocutory appeal. She found that the Commission had not provided enough evidence, and the arguments presented would not significantly advance the final resolution of the case.<\/p>\n<p>In October <a href=\"https:\/\/forklog.com\/en\/news\/sec-drops-charges-against-brad-garlinghouse-and-chris-larsen\">the regulator withdrew the suit<\/a> against Larsen and Garlinghouse on securities-law violations. At the same time, Ripple&#8217;s chief legal officer Stuart Alderoty noted that this marked the SEC&#8217;s third defeat in the litigation, with no victories.<\/p>\n<p>In June, the Commission filed suits against the Bitcoin exchanges <a href=\"https:\/\/forklog.com\/en\/news\/sec-files-suit-against-binance-and-changpeng-zhao\">Binance<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/sec-files-suit-against-coinbase-exchange\">Coinbase<\/a>.<\/p>\n<p>Earlier, US Representative Warren Davidson <a href=\"https:\/\/forklog.com\/en\/news\/congress-proposes-to-oust-sec-chair-after-court-ruling-on-bitcoin-etf\">urged the removal<\/a> of the regulator&#8217;s current head Gary Gensler from his post due to the mishandling of the Grayscale case. He had previously suffered a partial defeat in the Ripple case <a href=\"https:\/\/forklog.com\/en\/news\/sec-appeals-ripples-challenge-to-xrp-status-appeal\">against Ripple<\/a>.<\/p>\n<p>Later, media <a href=\"https:\/\/forklog.com\/en\/news\/media-accuse-gary-gensler-of-turning-the-sec-into-a-banana-republic\">accused<\/a> the SEC chairman of turning the agency into a \u201cbanana republic\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ripple&#8217;s CEO Brad Garlinghouse criticised former SEC chair Jay Clayton&#8217;s remarks on the agency&#8217;s approach to regulating the industry.<\/p>\n","protected":false},"author":1,"featured_media":86370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1274,1138,112,128],"class_list":["post-86369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-brad-garlinghouse","tag-opinions","tag-ripple","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=86369"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86369\/revisions"}],"predecessor-version":[{"id":86371,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86369\/revisions\/86371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/86370"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=86369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=86369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=86369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}