Ripple CEO Brad Garlinghouse and Elon Musk Agree on One Thing: The SEC “Shameful” Behavior

21 October 2022, 16:25 GMT+0000
Updated by Ali Martinez
25 October 2022, 08:19 GMT+0000
In Brief
  • Along with leading major technology firms, the chief executives of Ripple and Tesla are united in their open criticism of the SEC.
  • Ripple CEO Brad Garlinghouse said that the “shamefulness” of the SEC’s behavior in their lawsuit against his company would be shocking.
  • Replying sarcastically to this remark, Musk’s own experience with the SEC led him to describe it as “shameless.”
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Ripple CEO Brad Garlinghouse and Tesla CEO Elon Musk have both consistently expressed their discontent with the actions of the SEC.

Garlinghouse’s latest interjection came in response to the SEC finally handing over key documents related to their lawsuit against Ripple. The chief executive made his statement in reply to the announcement of the development by Ripple General Counsel Stuart Alderoty.

SEC vs Ripple Labs

“The SEC wants you to think that it cares about disclosure, transparency, and clarity,” Garlinghouse said. “Don’t believe them”. Once the extent of their actions is finally revealed, Garlinghouse declared, “the shamefulness of their behavior here will shock you”.

Ripple CEO Garlinghouse is no stranger to expressing his “outrage” over what he perceives to be the SEC’s regulatory overreach. Last month, Ripple’s XRP surged after the chief executive told Fox News that the SEC had “lost its way,” and was “cuckoo for Cocoa Puffs”.

Musk feelings toward the SEC

In what has become his trademark sardonic style, Musk replied to Garlinghouse’s statement, saying rather facetiously, “No way”. Yet, Musk himself has also made statements expressing a very similar sentiment as Garlinghouse towards the Securities and Exchange Commission.

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Musk has become known for the cryptic humor behind many of his tweets. Yet, when Musk said he had the “funding secured” to take Tesla private in 2018, the SEC was not amused. The federal regulator proceeded to sue the chief executive for securities fraud. Ultimately, the SEC forced Musk to temporarily step down from the board of Tesla, and fined him and the company $20 million.

Musk subsequently aired his grievances at a TED Conference, calling the SEC “bastards” for compelling him to relinquish his position. Earlier, Musk had also called the San Francisco office of the federal regulator “shameless puppets of Wall St short-seller sharks.” 

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Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.