• 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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: How to trap a hungry bear

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: How to trap a hungry bear

The crypto market moves higher. Placing a countertrend short is still ill-advised. Higher targets remain possible for all assets. Bitcoin price tests the lower half of an ascending channel for the third time. Ethereum price continues displaying bearish divergence but underline market strength remains. Ripple price in a make-or-break situation.

More Cryptocurrencies News

How to prepare for a ballistic XRP price move

How to prepare for a ballistic XRP price move

XRP flips bullish after tagging its primary support at $0.3600. The buyer congestion in this zone disrupted a potential drop to $0.3179. A glance at the technical outlook reveals that XRP price may close the day above $0.3800, with $0.4200 coming within reach.

More Ripple News

This MATIC price prediction is so far the best trade of 2022

This MATIC price prediction is so far the best trade of 2022

MATIC recent upswing is one of the best forecasted trade setups made this year. Here’s a full recap of what just took place. Polygon rallied 125% since July 1; FXStreet analysts were able to find an entry capturing 68% of the rally for an 85% increase in profit.

More Polygon News

Shiba Inu price ready to explode after Ethereum whale scoops up 312 billion SHIB

Shiba Inu price ready to explode after Ethereum whale scoops up 312 billion SHIB

Shiba Inu leaves competitor Dogecoin and layer-1 altcoins behind as it prepares to explode. Large wallet investors on the Ethereum network scooped up Shiba Inu, accumulating over 312 billion SHIB tokens. 

More Shiba Inu News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis