The Ripple CEO slammed the American securities regulatory body over its idea to hide the FTX debacle through back-to-back lawsuit actions against crypto companies.
Ripple is a San Francisco-based crypto firm. This firm is known for its highly efficient & low-cost global payment solution, which is available for small & big multinational companies. This firm has been already under a legal fight with the United States Securities & Exchange Commission (SEC) since Dec 2020.
In the last three days, the US SEC sued BinanceUS & Coinbase exchange over unregistered securities offerings & crypto staking services.
Ripple CEO Brad Garlinghouse responded to this SEC’s enforcement action and alleged that the SEC agency is trying to hide the “FTX debacle” with the help of lawsuit actions against other crypto firms rapidly.
FTX Bankruptcy & Criticism
FTX was 2nd top-ranked crypto exchange but mismanagement of the customer’s fund by the FTX ex-CEO Sam Bankman-Fried (SBF) resulted in a very bad outcome for the company’s financial position. In Nov 2022, FTX filed for bankruptcy in a US bankruptcy court.
At the time, many US lawmakers & Crypto proponents criticized the SEC body over its failure to stop the FTX bankruptcy event.
BinanceUS & Coinbase post-suits
After the SEC’s lawsuit BinanceUS decided to delist 101 crypto assets trade pair but Coinbase exchange confirmed that its services will remain open as usual i.e. crypto staking & trading of existing listed crypto assets will remain live. Coinbase executives confirmed that the SEC’s suit is not going to bring any change in its services.
Read also: BinanceUS delists 100+ crypto trade pairs following SEC’s suit
