Ripple CEO slams SEC, Wells Fargo as attention shifts to FTX

Ripple Labs CEO Bradley Garlinghouse shared a meme on Twitter, slamming the U.S. Securities and Exchange Commission (SEC) and the fourth-largest bank in the United States, Wells Fargo.

The furious tweet comes as both Ripple and the SEC have requested extended time to file for their motions as both parties were asked to file new motions per a scheduling update.

Garlinghouse’s tweet shows, according to some Twitter users, the double standards of the SEC as Wells Fargo has been mismanaging 16 million consumer accounts, according to a CNBC report.

The San Francisco-based bank has agreed to “pay a $1.7 billion civil penalty,” which is the largest fine in the history of the Consumer Financial Protection Bureau (CFPB), per CNBC. The total amount of the “penalty” is $3.7 billion, of which $2 billion must be paid to the consumers affected by Well Fargo’s “widespread mismanagement.”

“We have already communicated with many of the customers who may have been impacted by the matters covered in the settlement, and those efforts are ongoing,” a Wells Fargo representative said.

Per CNBC, the bank’s CEO, Charlie Scharf, said in a press release that Wells Fargo has been working along with regulators to identify and change “a series of unacceptable practices.” 

SEC vs crypto

Defense lawyer James Filan — who was a former federal prosecutor — previously noted that the SEC “doesn’t want to regulate crypto.” “It [the SEC] wants to kill it [crypto] in the United States,” he added.

Filan’s insistence comes as Cardano’s co-founder, Charles Hoskinson, stated that the Ripple against the SEC case could have a “catastrophic” ending for the whole crypto industry.

Furthermore, the author of “Catching Up To Crypto,” Ben Armstrong, slammed SEC chain Gary Gensler in a reply to Garlinghouse, calling him “incompetent.”