So, picture this: Ripple CEO Brad Garlinghouse steps into the crypto ring, gloves on, ready to throw some verbal jabs. What's got him all fired up? The SEC's latest tango with Grayscale over a spot Bitcoin ETF.
Word on the digital street is that the SEC has finally sat down for a chat with Grayscale about their dream of launching a spot Bitcoin ETF. But rewind a bit – it wasn't all sunshine and rainbows. The SEC had previously slammed the door on Grayscale's bid to turn its Bitcoin Trust into a spot Bitcoin ETF.
But guess what? Grayscale wasn't taking no for an answer. They pulled a legal rabbit out of the hat, and in a major plot twist last August, the U.S. Court of Appeals ruled in their favor. The court told the SEC, "Hey, let's take another look at this."
Fast forward to now, and the SEC is finally breaking bread with Grayscale. They're deep in conversation, hashing out the details with the SEC's Division of Corporation Finance and Trading and Markets.
Now, enter Brad Garlinghouse, not holding back. He's throwing shade at SEC Chair Gary Gensler, calling him a "political liability." Why? Because Gensler and the SEC took their sweet time getting to the negotiating table with Grayscale.
According to Garlinghouse, regulators in other countries are playing nice with the crypto industry, being all proactive and constructive. But the SEC? Not so much. They've been sticking to the enforcement route, and it's ruffling some feathers.
And it's not just Brad in the ring. Ripple's General Counsel, Stuart Alderoty, had a go at Gensler earlier this year, labeling him a political liability for his not-so-friendly moves against crypto-related companies.
Let's not forget, this isn't Ripple's first dance with the SEC. Since 2020, they've been locked in a legal waltz, with Gensler making moves that have left Ripple and other crypto folks doing the two-step.
Under Gensler's watch, the SEC has thrown lawsuits at several crypto bigwigs, like Coinbase and Binance, accusing them of breaking federal securities laws.
So, here we are, popcorn in hand, watching the crypto drama unfold. Stay tuned for the next episode of "Crypto vs. SEC: The Ripple Rumble."