Ripples CEO Brad Garlinghouse said the SECs lawsuit against Ripple is the regulator playing offense and attacking the industry as a whole. 5784 Total views 102 Total shares Listen to article 0:00 News Own this piece of history
Collect this article as an NFT The United States Securities and Exchange Commissions (SEC) regulation through enforcement is not a healthy way to regulate an industry, and may result in the U.S. being a less attractive location for crypto firms, suggests Ripples CEO.
In a March 3 Bloomberginterview, Brad Garlinghouse, CEO of blockchain-based digital payment network Ripple, suggested that the SECs regulation approach puts the U.S. at severe risk of missing out on being an attractive hub for the next evolution of blockchain and crypto innovation.
Garlinghouse noted that the SECs case against Ripple is the SEC simply playing offense and attacking the industry as a whole, adding that if the SEC is able to prevail, there will be a lot of other cases.
He suggested that the crypto industry has already started moving outside of the U.S., given its crypto regulation process is behindother countries like Australia, the United Kingdom, Japan, Singapore and Switzerland.
He commended these countries for taking the time and thoughtfulness to create clear rules of the road, adding that the approach taken by the U.S. is not a healthy way to regulate an industry.
Garlinghouse recalled when he first got into the tech industry in the late 90s, there were proposals to ban the internet due to illicit activity, but the government refuted the idea and decided to create a framework.
He emphasized the benefits this early adoption brought on a geopolitical basis, to have the Amazons and Googles based in the U.S., suggesting that the same opportunity is currently on the table with creating a framework for crypto.
Garlinghouse believes the framework process should begin with outlining clear protections for consumers.
He added that consumers are suffering from the lag, as they lack the same protection that regulatory frameworks can provide.
Garlinghouse believes that a decisionshould come this year in the SECs case against Ripple.
Related:Ripple survey: 97% of payment firms believe in the power of crypto
More recently, John Deaton, founder of legal news outlet Crypto Law Lawyer put a call to action to his 245,000 Twitter followers on March 5, stating thatall companies in active litigation with the SEC should collaborate and develop coordinated strategies, calling it war.
We must think out of the and organize. For example, all companies in active litigation w/the SEC, or about to be, should be meeting, sharing ideas, and developing coordinated strategies. Its a war.
Id be happy to help. Maybe I can replace @elonmusk as the SECs most hated. John E Deaton (@JohnEDeaton1) March 5, 2023
This comes after Kristin Smith, CEO of the Blockchain Association, told Bloomberg in a Feb. 22 interview that the crypto regulation process in the U.S.is happening behind closed doors, adding that it is vital for more industry involvement in an open process.” #Bloomberg #Ripple #SEC #Adoption #XRP #United States #Regulation
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