An ongoing case by the SEC against Binance has been put on hold while the agency claims that Solana (SOL), Cardano (ADA), and Polygon (MATIC) are not properly registered securities. This move has made Brad Garlinghouse, CEO of Ripple, concerned about the Securities and Exchange Commission regulation inconsistencies.
Garlinghouse said about the SEC on X, “More evidence of SEC hypocrisy.” Chair Gensler says the rules are clear, but his SEC fails to comprehend them and fails to adhere to them consistently.
SEC’s Pause Benefits Assets
If the SEC changes its mind about its complaint against Binance, it could help the assets that were being looked at before in the short run. These assets were in danger of being taken off of trading platforms because of regulatory uncertainty.
The Securities and Exchange Commission statement did not mention Ripple, even though the two companies are still in court over a lawsuit. They, along with Brad Garlinghouse and Christian Larsen, are being charged by the Securities and Exchange Commission with selling over $1.3 billion worth of unregistered XRP assets to the public.
Within 30 days of the court’s order, the Securities and Exchange Commission is supposed to file its move to amend. This will temporarily help investors in SOL, ADA, and MATIC. But Garlinghouse’s comments show that people in the crypto business continue to be concerned about how clear and consistent the rules are under Chair Gary Gensler.
