As Ripple celebrated its 10-year anniversary, Brad Garlinghouse, founder and CEO of Ripple, said on Twitter that the Securities and Exchange Commission (SEC) wants the public to believe that it is concerned about openness, transparency, and clarity.
He went on to say that when the truth was finally revealed, everyone would be shocked by the disgraceful conduct that they had shown. Elon Musk, who is heavily interested in cryptocurrencies and is the wealthiest person on the planet, responded to Garlinghouse’s tweet with a snarky “No way.”
Garlinghouse’s comment was a reaction to the post made by Ripple Counsel Stuart Alderoty, who stated:
“Over 18 months and 6 court orders later, we finally have the Hinman docs (internal SEC emails and drafts of his infamous 2018 speech). While they remain confidential for now (at the SEC’s insistence), I can say that it was well worth the fight to get them.”
The continuing legal dispute between the SEC and Ripple has been centered on one of the most crucial arguments, which is William Hinman’s speech. In 2018, a talk was given at the Yahoo Markets Summit by Hinman, who had previously held the position of Director of the Division of Corporation Finance at the regulatory agency.
During that time, he said that Ethereum’s native cryptocurrency, ETH, did not qualify as a security. Ripple adhered to the speech because it tacitly reiterated that XRP, like ETH, is not secure since it lives on an open, decentralized, permissionless blockchain ledger
Previously, Garlinghouse had said that the Securities and Exchange Commission (SEC) has not shown any care for the businesses or persons that their litigation against the XRP coin will hurt.
“There is no recourse, there is no consequence to those that brought this lawsuit. The SEC’s pursuit of a policy objective isn’t about a faithful allegiance to the law. It’s about power.”
