Ripple Execs Criticize SEC’s Amended Binance Complaint, Call It “Hypocrisy”
The U.S. Securities and Exchange Commission (SEC) has drawn sharp criticism from Ripple executives following its decision to amend its complaint against Binance.
The SEC’s amended filing against Binance focuses on several crypto assets it deems securities, which has led to debates over regulatory clarity and consistency within the industry.
Ripple executives have not held back their discontent with the SEC’s regulatory approach, especially in light of the recent amendment to the complaint against Binance.
The amended complaint lists “Third Party Crypto Asset Securities,” including SOL, ADA, and SAND, among others.
This move follows the SEC’s lawsuit against Binance Holdings and its former CEO , Changpeng Zhao, alleging various violations, such as misleading customers and operating as an unregistered exchange.
Stuart Alderoty, Ripple’s Chief Legal Officer, criticized the SEC’s inconsistency on X (formerly Twitter). He pinpointed the contradiction in the agency’s regulatory stance.
When a judge signals B.S. on the SEC’s claim that 10 tokens on Binance are securities, the SEC says “never mind.” But these tokens are left out to dry in the Coinbase suit. This isn’t how to regulate. https://t.co/xtfLdXWoO8
— Stuart Alderoty (@s_alderoty) July 30, 2024
He pointed out that while the SEC retracted its claims that ten tokens on Binance are securities, it maintained them as securities in its case against Coinbase.
“When a judge signals B.S. on the SEC’s claim that 10 tokens on Binance are securities, the SEC says ‘never mind,'” Alderoty posted.
“But these tokens are left out to dry in the Coinbase suit. This isn’t how to regulate.”
Ripple CEO Brad Garlinghouse joined in, denouncing the amended Binance complaint as
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