Ripple CEO Brad Garlinghouse has increased his criticism of former Securities and Exchange Commission Chairman Jay Clayton’s op-ed.
Garlinghouse described Clayton’s piece as “staggeringly ironic” in a newly published letter. The Ripple CEO continued by accusing the industry of limiting innovation via his enforcement action against one of the main cryptocurrency companies:
Mr. Clayton hampered the cryptocurrency business throughout his tenure in office, but now he calls on the government to support the technology’s acceptance.
As reported, Clayton was chastised by the XRP community for his pro-cryptocurrency op-ed in which he said that the United States’ payment system should be tokenized in order to compete with China and the rest of the globe.
After becoming an adviser to two cryptocurrency-focused startups, the former SEC head took a pro-crypto attitude. Garlinghouse cited a letter from former SEC commissioner Joseph Grundfest in which he chastised the government for suing Ripple.
Grundfest, who was nominated by Republican President Ronald Reagan, described the enforcement action as “very problematic” and said that regardless of the outcome, it would cause severe damage to investors: However, beginning the case will inflict significant hardship on innocent XRP holders, regardless of the outcome.
It’s worth noting that Ripple employed Grundfest as its defence attorney, which means that his assessment of the case should be viewed with caution. The same is true for Mary Jo White, who said in a February interview with Fortune that the SEC was “absolutely wrong” to suit.
In a recent interview with CNBC, Clayton declined to discuss the Ripple case, arguing that he wanted facts to speak for themselves.