Ripple CEO Slams SEC's Amended Binance Complaint, Accuses of 'Bad Faith'

Ripple CEO Slams SEC's Amended Binance Complaint, Accuses of 'Bad Faith'

Ripple CEO Brad Garlinghouse has strongly criticized the U.S. Securities and Exchange Commission's (SEC) amended complaint against Binance, accusing the agency of "further evidence of bad faith" in its pursuit of the crypto exchange. The SEC had previously alleged that Binance violated securities laws by offering a number of cryptocurrencies, including BNB, BUSD, SOL, ADA, and MATIC, as unregistered securities. However, the agency reportedly dropped language in its amended complaint that explicitly classified the tokens as securities. Garlinghouse argued that this move by the SEC underscores its lack of clarity and consistency in its enforcement actions. He also accused SEC Chair Gary Gensler of making up the law as he goes along, adding to industry confusion. "This is a political and malicious abuse of enforcement authority, not faithful execution of the law," Garlinghouse asserted. The SEC's amended complaint against Binance is part of a broader crackdown on the crypto industry. The agency has been investigating and pursuing enforcement actions against several crypto exchanges and companies, including Coinbase, Gemini, and Kraken. The crypto industry has expressed concern over the SEC's aggressive approach, arguing that it stifles innovation and hinders the growth of the digital asset market.