Garlinghouse's comments came after the SEC decided to pause allegations that certain crypto assets, like Solana (SOL), Cardano (ADA), and Polygon (MATIC), are unregistered securities. This pause is part of the SEC's ongoing lawsuit against Binance. In his post, Garlinghouse highlighted what he sees as the SEC's contradictory actions, saying, "More evidence of SEC hypocrisy. Chair Gensler testifies the rules are clear, yet his SEC can’t figure them out and applies them haphazardly."
The SEC's decision to amend its complaint against Binance could temporarily ease the pressure on these cryptocurrencies, which were facing delistings from trading platforms due to regulatory uncertainty. However, the SEC did not mention Ripple's own cryptocurrency, XRP, which is still embroiled in a legal battle with the agency. The SEC has accused Ripple and its executives of selling unregistered securities worth over $1.3 billion.
Garlinghouse's critique reflects broader concerns in the crypto industry about the need for clearer and more consistent regulation, particularly under the leadership of SEC Chair Gary Gensler.
