The CEO of Ripple Labs, Brad Garlinghouse, has recently taken it to Twitter to share his resentment about the lack of clarity in the crypto market that has worsened. After the written statement of William Hinman in court, the situation of the market has not been well since then.
The Director of the Division of Corporation Finance of the Securities and Exchange Commission (SEC), William Hinman, went back on the non-security status of Ethereum provided to the currency back in the year 2018.
Moreover, he released a statement recently that said that the agency has not taken any position or expressed a view on the status of Ethereum.
In addition to this, it should be noted that Garlinghouse believes this move has put the crypto market on a path that is really far from clarity.
Michael Arrington, the founder of TechCrunch, also commented that Gensler has demanded more power for the SEC, including control over crypto exchanges. He mentioned that as for the future of cryptocurrencies, he can see that it is more muddy water.
The initial deposition of Hinman took place in connection with the lawsuit initiated by the Securities and Exchange Commission against Ripple back in the month of December 2020.
SEC accused Ripple and two of its prominent executives, Brad Garlinghouse and Chris Larsen, of selling securities to institutional investors since 2013.
Brad Garlinghouse’s motion to get a hold of the documentation regarding the trading records of XRP from Binance Holdings Limited based in Caymans.
Moreover, it should be noted that the court also gave permission to Chris Larsen and Brad Garlinghouse to acquire evidence regarding the trading of the native currency of Ripple, XRP, from other crypto exchanges, OKEx, Bitfinex, and Bitstamp in particular along with others.