Brad Garlinghouse Criticizes SEC Over Coinbase IPO | Cryptocurrency

  • Brad Garlinghouse spoke at the Collision Technology Conference in Toronto, criticizing the SEC’s contradictory tactics in approving Coinbase’s IPO.
  • Garlinghouse argues that SEC regulation by way of application is not environmentally friendly and has stifled innovation in the United States.
  • Analysts believe that the Ripple price could resume its bullish trend and confirm a bull run in the altcoin.

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

Ripple CEO slams SEC for approving Coinbase S-1 IPO

During a keynote address at the Collision Technology Conference in Toronto on June 23, 2022, Ripple’s CEO criticized the United States Securities and Exchange Commission. Brad Garlinghouse told conference attendees that the regulator used adversarial tactics when approving Coinbase’s initial public offering (IPO) S-1.

The Ripple Labs CEO has criticized the US SEC’s inconsistent policies when it comes to dealing with different players in the crypto space. The SEC sued Ripple for selling an unregulated security, XRP tokens. However, the Coinbase S-1 IPO has been approved by the regulator.

Garlinghouse was quoted as saying:

When Coinbase went public not too long ago, Coinbase was trading XRP. They allowed consumers and businesses to trade XRP. The SEC had to approve their S-1 so Coinbase could go public. The SEC now seems to be taking the position when they sued us that, hey, XRP is a security and always has been.

A registered broker, Coinbase was approved for its S-1 IPO and the contradiction was stark. Garlinghouse points out how Ripple was treated differently from Coinbase.

Garlinghouse warned that policy should be consistent and regulation should be applied equally across the crypto ecosystem. Punitive enforcement stifles innovation in cryptocurrency.

Garlinghouse said:

I think it’s very clear that the SEC, instead of working hard to come up with a new set of clear rules, a new set of clear regulations, both from the SEC and from the US government generally, has instead decided, ‘Hey, let’s regulate by enforcement’, which is not efficient and has really stifled innovation in the United States.

Ripple price may continue to climb

Cryptocurrency analysts InsideBitcoins assessed the Ripple price chart and identified that a breakout 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 bullish trend.

XRP-BTC Price Chart

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Brad Garlinghouse Criticizes SEC Over Coinbase IPO | Cryptocurrency

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