Ripple’s CEO Criticizes SEC’s Failure To Provide Clarity on Crypto
Ripple CEO Brad Garlinghouse has shared his thoughts on the ongoing court case with the U.S. Securities and Exchanges Commission and the regulation of cryptocurrency. The CEO appeared on Fox Business Friday to discuss the ‘endgame’ of the case and not much later the defendant took to Twitter for more details.
Commenting on the SEC’s lack of clarity on regulations, thereby citing the example of Ethereum that is not penalized in the same way XRP is, Garlinghouse noted the following during his Fox interview:
“There has been and continues to be a lack of clarity. If we want this industry to thrive here in the United States, there needs to be clarity.”
After speaking with Charlie Gasparaino on Fox Business Friday, the Ripple executive jumped on Twitter to add some more fuel to the fire, stating that “American innovation is on the line”, due to the SEC’s failure to provide clarity with regards to crypto:
Thanks @LizClaman @CGasparino for having me on the show! As I said, American innovation is on the line because of the SEC’s refusal to provide a clear framework for crypto. 1/2 https://t.co/jnzEzWqUrS
— Brad Garlinghouse (@bgarlinghouse) September 25, 2021
Ripple has been fighting the SEC in court for almost a year. The ever-ongoing lawsuit was brought against them after Ripple is accused of allegedly offering an unregistered security, XRP.
The SEC seems to be stepping up lately and might be forcing clarity by actions rather than legal precedent. Just recently, crypto exchange Coinbase was forced to cancel their newest product, ‘Lend’, after the SEC applied pressure.
Garlinghouse went about to remind everyone that despite the SEC’s refusal to provide clear guidelines while vilifying the crypto industry, crypto is in fact regulated.
“I think we lose sight of the fact that crypto is regulated. It’s regulated by the CFTC, it’s regulated by other government agencies, whether it’s FinCEN, U.S. treasury.”
He then directly commented to Gary Gensler’s most recent remarks where he said that stablecoins are the poker chips of the crypto wild west.
“So, when I heard the SEC people come and say, ‘hey, this is the Wild Wild West, it’s not regulated,’ that’s not entirely true”
While SEC’s Chairman Gary Gensler has been leading the SEC’s harsh regulatory approach of crypto, another SEC commissioner, such as “crypto mom” Hester Pierce, is advocating for a rather friendly approach towards cryptocurrency.
Ripple has stated it is not looking to settle their ongoing case with the SEC. With the pre-trial phase ending October 15, we continue to be glued to our seats awaiting clarity.
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Author: Peter Siu