von • The US SEC has recently launched two high-tier lawsuits against two major cryptocurrency exchanges, namely Binance and Coinbase.
• The SEC claims these exchanges are selling unregistered securities in the form of digital assets such as BNB, BUSD, SOL, MATIC, ADA.
• Ripple’s CEO Brad Garlinghouse believes there’s a deeper reason behind the SEC’s actions than just “pro-innovation”.
SEC Suing Major Crypto Exchanges
The US Securities and Exchange Commission (SEC) made its way into the headlines in the past two days by going after two of the largest cryptocurrency exchanges – Binance and Coinbase – alleging them of selling unregistered securities. These lawsuits come with some differences in detail but they are similar in their core as they allege that the two exchanges are selling (and issuing in the case of Binance) unregistered securities in the form of various digital assets such as BNB, BUSD, SOL, MATIC, ADA and others.
Ripple’s Take on It
Ripple’s head believes there’s a deeper reason behind the SEC’s most recent actions. Interestingly enough, the lawsuits failed to mention Ripple’s native token XRP – even though the SEC has been in a legal battle against them for over two years now regarding this matter. Nevertheless, Ripple’s CEO Brad Garlinghouse decided to weigh in on it by disagreeing with Gary Gensler’s official story that this is all for „pro-innovation“ benefits for investors. He believes that there is another underlying motive behind these moves from the regulator itself.
FTX Connection?
Garlinghouse suggests that one possible explanation behind these moves could be attributed to FTX exchange which was recently reported to have hired various former officials from both CFTC and SEC including Gary Gensler himself who was previously an ex-Chairman at CFTC and soon will serve as Chairman at Joe Biden’s SEC starting mid June this year. Since FTX offers leveraged tokens like SOL/USD which were also mentioned explicitly in both suits against Coinbase and Binance one can only speculate whether this could be seen as an attempt from certain members of US regulatory body to make sure their new employer will not suffer any loss due to potential competition from these major players on crypto marketplaces.
Is There Something More?
With so many questions being raised about what could be hidden beneath all this we can only wait until more details emerge to get a better understanding of what exactly is going on here but it seems clear that this situation is far from being over anytime soon since more parties may join it eventually or other unexpected events might occur once again proving how unpredictable yet exciting world of cryptos truly is!
Conclusion
In conclusion we can see that while SEC Chair claims these actions are for greater good of investors Ripple CEO Brad Garlinghouse believes there’s another reason behind it all – possibly related to FTX exchange which was recently reported to have hired various former officials from both CFTC and SEC including Gary Gensler himself who will soon serve as Chairman at Joe Biden’s SEC starting mid June 2021. We can only speculate whether this could be seen as an attempt from certain members of US regulatory body to make sure their new employer will not suffer any loss due to potential competition from these major players on crypto marketplaces but time will tell if more details emerge thus giving us better insight into what exactly is going on here!
