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
Author
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.
