|

Brad Garlinghouse criticizes the SEC for Coinbase IPO

  • Brad Garlinghouse spoke at the Collision technology conference in Toronto criticizing the SEC’s contradictory tactics when approving the Coinbase IPO. 
  • Garlinghouse argues that the SEC’s regulation by way of enforcement is not environmentally friendly and has stifled innovation in the US. 
  • Analysts believe Ripple price could resume uptrend and confirm a bull run in the altcoin. 

Brad Garlinghouse, the CEO of payment giant Ripple criticized the US regulator SEC. Garlinghouse believes the SEC contradicted itself and sued Ripple, while the regulator allowed the Coinbase IPO. 

Ripple CEO criticizes SEC over approving Coinbase S-1 IPO

While speaking at the Collision technology conference in Toronto on June 23, 2022, Ripple's CEO criticized the US Securities and Exchange Commission. Brad Garlinghouse told conference attendees that the regulator employed contradictory tactics when approving Coinbase’s S-1 initial public offering (IPO). 

The Ripple Labs CEO criticized the US SEC’s inconsistent policies when dealing with different players in the crypto space. The SEC sued Ripple for the sale of unregulated security, XRP tokens. However, Coinbase S-1 IPO was approved by the regulator. 

Garlinghouse was quoted as saying:

When Coinbase went public, which really wasn’t that long ago, Coinbase was trading XRP. They enabled consumers and businesses to trade XRP. The SEC had to approve their S-1 such that Coinbase could go public. The SEC now seems to take the position when they sued us that, hey, XRP is a security and always has been.

A registered broker-dealer, Coinbase was approved for their S-1 IPO and the contradiction was stark. Garlinghouse highlights how Ripple was treated differently than Coinbase. 

Garlinghouse warned that policy should be consistent and regulation should be enforced equally in the crypto ecosystem. Punitive enforcement measures stifle innovation in crypto. 

Garlinghouse said, 

I think it’s very clear that the SEC, instead of doing the hardwork to define a new set of clear rules, a new set of clear regulations, both from the SEC and really the US government in general, they’ve instead decided, ‘Hey, we’re going to do regulation through enforcement,’ which is not efficient and really has stifled innovation in the United States.

Ripple price could continue upward climb

Crypto analysts at InsideBitcoins evaluated the Ripple price chart and identified that a break towards the upper boundary of the channel could push the altcoin to resistance at $0.50, $0.55, $0.60. Analysts predicted a bullish breakout in Ripple price and a continuation of the altcoin’s uptrend. 

XRP-BTC price chart

XRP-BTC price chart

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

Solana Price Forecast: SOL slides below $92 as downside risk grows

Solana remains under pressure, trading below $92 on Wednesday and declining more than 3.5% so far this week. Muted demand for US-listed spot Solana Exchange Traded Funds, rising short positions and overheated market conditions continue to weigh on sentiment, limiting recovery attempts.

Top 3 Price Predictions: BTC tests critical support, ETH struggles below resistance, XRP extends losses

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday as bearish momentum continues to weigh on prices. BTC approaches key support around $76,466, and a decisive close below could open the door to deeper losses. Meanwhile, ETH struggles below key resistance while XRP faces rejection at the upper trendline of a falling channel pattern, all hinting at deeper losses.

Bitcoin struggles to capitalize on US Dollar weakness as Democrats advance in US midterms

Bitcoin is down nearly 2% trading below $76,000, and testing the 200-day Exponential Moving Average baseline near $76,501. Bitcoin’s pullback aligns with the weakness in the US Dollar, which typically provides tailwinds for risk-sensitive assets. The selling pressure aligns with the US midterm elections as early results point to Democrats leading gains in both houses.

Hyperliquid Price Forecast: HYPE eyes $78.4 support as CFTC approves US equity perpetuals
Hyperliquid (HYPE) trades at $81.73 as US regulators open another route for perpetual futures, allowing contracts tied to individual stocks to trade on qualifying domestic exchanges.
Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.