{"id":7472,"date":"2023-06-07T18:36:48","date_gmt":"2023-06-07T18:36:48","guid":{"rendered":"https:\/\/www.bitrabo.com\/community\/ripple-ceo-to-sec-suing-exchanges-wont-save-you-from-ftx-debacle\/"},"modified":"2023-06-07T18:37:28","modified_gmt":"2023-06-07T18:37:28","slug":"ripple-ceo-to-sec-suing-exchanges-wont-save-you-from-ftx-debacle","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/ripple-ceo-to-sec-suing-exchanges-wont-save-you-from-ftx-debacle\/","title":{"rendered":"Ripple CEO Reminds SEC that Suing Exchanges Won\u2019t Cover Up Failure in FTX Fraud"},"content":{"rendered":"\n<div>\n<p>Ripple CEO Brad Garlinghouse expressed that the recent actions of the US Securities Exchange Commission (SEC) against Binance and Coinbase couldn\u2019t distract the industry from the regulator\u2019s failure in the FTX scandal. Garlinghouse also stated that SEC Chair Gary Gensler\u2019s actions now differ from his previously proclaimed \u201cpro-innovation stance.\u201d<\/p>\n<p>The clampdown on Binance and Coinbase has raised several concerns in the crypto industry. Since the SEC announced the lawsuit against Binance, the exchange saw net outflows amounting to $778 million in 24 hours. Furthermore, withdrawals on Binance spiked following the announcement. While the industry faces the regulatory clampdown, SEC Chair Gensler declared that the country doesn\u2019t need more crypto assets and that it already has digital currency in the form of the US dollar, euro, or yen.<\/p>\n<p>Garlinghouse criticized Gensler\u2019s self-acclaimed support for innovation as laughable, given his actions point to the opposite. This statement comes after Gensler, speaking before the Senate Banking Committee in 2021, claimed blockchain to be a catalyst for change.<\/p>\n<p>Garlinghouse further stated that SEC\u2019s recent crackdown on crypto firms is an attempt to distract the industry from the failure of FTX, which crashed in 2022 and caused contagion beyond the crypto industry.<\/p>\n<p>Garlinghouse slammed the SEC Chair for FTX fraud, stating that it caught him \u201ccompletely flat-footed\u201d even while touting the commission\u2019s actions as the \u201ccop on the beat.\u201d According to Garlinghouse, the SEC failed to investigate the firm for fraud before the crash, causing investors to lose millions of dollars. Thus, suing crypto firms now won\u2019t mask the regulator\u2019s negligence in the FTX scandal.<\/p>\n<p>Some enthusiasts believe that the lawsuit against Binance is President Biden\u2019s retaliation on the firm that supposedly \u201cset FTX on fire.\u201d Notably, FTX founder Sam Bankman-Fried (SBF) donated $5.2 million to President Biden\u2019s campaign, the second-largest donation at the time.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ripple CEO Brad Garlinghouse expressed that the recent actions of the US Securities Exchange Commission (SEC) against Binance and Coinbase couldn\u2019t distract the industry from the regulator\u2019s failure in the FTX scandal. Garlinghouse also stated that SEC Chair Gary Gensler\u2019s actions now differ from his previously proclaimed \u201cpro-innovation stance.\u201d The clampdown on Binance and Coinbase [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7474,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Ripple CEO Reminds SEC that Suing Exchanges Won\u2019t Cover Up Failure in FTX Fraud - Bitrabo","description":"Ripple CEO Brad Garlinghouse expressed that the recent actions of the US Securities Exchange Commission (SEC) against Binance and Coinbase couldn't distract the"},"footnotes":""},"categories":[316],"tags":[576,1607,1146,1183,575,975,520,1605,1606],"class_list":["post-7472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-ceo","tag-debacle","tag-exchanges","tag-ftx","tag-ripple","tag-save","tag-sec","tag-suing","tag-wont"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/7472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=7472"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/7472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/7474"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=7472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=7472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=7472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}