Brad Garlinghouse, the CEO of Ripple, has strongly criticized the former SEC Chairman, Jay Clayton, for his recent comments regarding the U.S. Securities and Exchange Commission’s (SEC) approach to litigation.
In a June interview with CNBC, Clayton suggested that the financial regulator should only pursue cases that would pass judicial scrutiny.
Garlinghouse Slams Clayton’s ‘Hypocrisy’
Clayton said:
“When you have the power of the state, you’re supposed to only bring cases and only make rules that you think are going to pass judicial muster.”
This statement drew the ire of Garlinghouse, who said the video made his “blood boil” and criticized Clayton’s hypocrisy.
Garlinghouse pointed out that the former SEC Chair initiated the SEC’s ongoing lawsuit against Ripple in 2020.
The SEC’s legal action alleged that the XRP token was security and that Ripple’s top executives, including Garlinghouse and Larsen, raised more than $1.3 billion through its sales.
He said:
“As a reminder, Jay Clayton brought the case against Ripple, me, and Chris Larsen. And left the building the next day.”
“The hypocrisy is shocking. CNBC, SquawkCNBC should be calling him out for the bullshit,” Garlinghouse added.
Pro-XRP lawyer John Deaton joined in slamming Clayton’s hypocrisy. According to Deaton, th
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Author: Oluwapelumi Adejumo
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