Ripple CEO Brad Garlinghouse sided with CFTC Commissioner Pham to criticize the SEC’s approach to regulation. He highlighted a sentence in a recent statement released by Commissioner Pham regarding the SEC v. Wahi litigation that reads: “Regulatory clarity comes through openness, not darkness.” Garlinghouse countered, “Unfortunately, the SEC seems more than happy with the performance in the latter.”
Powerful words from Commissioner Pham: “The clarity of regulation comes from being out in the open, not in the dark.”
Unfortunately, the SEC seems to be more than happy with the work in the latter case. https://t.co/rsvGTHGlsz
— Brad Garlinghouse (@bgarlinghouse) July 21, 2022
A recent statement released CFTC Commissioner Caroline D. Pham called the case (SEC v. Wahi) a prime example of “regulation through enforcement.” The statement goes on to say: “The SEC complaint alleges that dozens of digital assets, including those that could be described as utility tokens and/or certain DAO-related tokens, are securities. As we continue, SEC approvals could have wider implications beyond this single case, highlighting how important and urgent it is for regulators to work together.”
Ripple is currently pursuing a lawsuit from the SEC over an “illegal offering of securities” through the sale of XRP.
SEC vs. Wahi
According to the SEC complaint, which was filed on Thursday in Seattle federal court, former Coinbase product manager Ishan Wahi supposed violated securities laws by repeatedly giving confidential information to his brother and friend via text messages and phone calls from a foreign phone. The agency said its case against the Wahi brothers and Ramani was the first to involve insider trading in cryptocurrencies.
To continue to exercise control over the volatile cryptocurrency market, the SEC has announced that it is classifying nine digital tokens traded by men as “securities,” namely AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, and KROM. .
Coinbase mentioned in a blog post that seven of the nine assets included in SEC fees were listed on its platform, so none of them could be classified as securities.
It states: “We agree with Commissioner Pham and, with all due respect, disagree 100% with the SEC’s decision to bring these securities fraud allegations, as well as the substance of the allegations themselves. have a clear or workable regulatory framework for digital securities.”
Credit : u.today