American innovation is on the line as the U.S. Securities and Exchange Commission (SEC) refuses to provide a clear framework for crypto regulation. That is the view of Ripple CEO Brad Garlinghouse.
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
\”Rather than engaging with the industry, the SEC uses meetings with companies to identify potential victims of its enforcement practices,\” he added.
Commenting on the regulator’s lawsuit against the fintech company and its leadership, Garlinghouse said:
\”When the dust settles, it will be clear that Ripple is on the right side of the law and history.\”
In December 2020 the SEC accused the firm of selling unregistered securities in the form of the XRP token for $1.3 billion.
Garlinghouse called the suit a terrible precedent for the entire industry and any company working with digital assets, and regulatory arbitrariness.
In February the Commission clarified the liability of Garlinghouse and Ripple co-founder Chris Larsen. Representing them, lawyers demanded that the regulator’s claims be dismissed.
Earlier in April, the community urged Gary Gensler to halt the lawsuit against the firm.
Gensler took the helm of the Commission in the same month. He advocated harmonisation of crypto-industry regulation. In the SEC chief’s view, the legal norms are necessary for the survival of cryptocurrencies.
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