Crypto Market News: Brad Garlinghouse, the Ripple chief executive officer, doubted the motive behind the U.S. Securities and Exchange Commission (SEC) suing two of the world’s top cryptocurrency exchanges. It may be recalled that the US Supreme Court had earlier accepted the motion to consider arguments about cutting down discretionary powers of the federal regulatory agencies. Meanwhile, influential people in the crypto market community are questioning the extent to which the SEC had powers to fight companies legally. When it comes to crypto lawsuits, the XRP holders often show strong support to Ripple, and in this case, the community is calling for market participant unity in the fight against the SEC.

Also Read: Key Differences In SEC Charges Against Coinbase And Binance

In recent times, the SEC faced heavy criticism for its failure to catch hold of the discrepancies in the financial condition of FTX exchange, prior to its collapse in November 2022. Hence, the Ripple CEO is pointing to the FTX failure as the real reason behind SEC’s attack on crypto businesses.

SEC “Throwing Lawsuits At The Wall”

Garlinghouse heavily criticized SEC Chairman Gary Gensler for hiding behind lack of powers to go about attacking businesses. He alleged that the lawsuits against Binance and Coinbase are SEC’s ways to distract from its FTX failure.

“The SEC is throwing lawsuits at the wall and hoping they distract from the agency’s FTX debacle. It’s embarrassing to watch an unelected bureaucrat (Gary Gensler) flail like this to mask the fact that he and his agency don’t have the power that he so desperately craves.”

Meanwhile, further progress in the XRP Vs SEC lawsuit is likely in the next one week when the Hinman documents will be made public.

Also Read: Cardano (ADA) Selloff Picks Momentum After Been Implicated in Coinbase Crackdown

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Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at [email protected] or twitter.com/BitcoinReddy

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