{"id":63415,"date":"2022-06-24T11:47:24","date_gmt":"2022-06-24T08:47:24","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63415"},"modified":"2025-09-06T08:53:25","modified_gmt":"2025-09-06T05:53:25","slug":"brad-garlinghouse-accuses-the-sec-of-inconsistent-regulation-of-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/brad-garlinghouse-accuses-the-sec-of-inconsistent-regulation-of-cryptocurrencies\/","title":{"rendered":"Brad Garlinghouse accuses the SEC of &#8216;inconsistent&#8217; regulation of cryptocurrencies"},"content":{"rendered":"<p>The US Securities and Exchange Commission (SEC) has taken an inconsistent approach to regulating the cryptocurrency industry. This was stated by Ripple CEO Brad Garlinghouse at Collision conference in Toronto.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">A packed day at <a href=\"https:\/\/twitter.com\/CollisionHQ?ref_src=twsrc%5Etfw\">@CollisionHQ<\/a> \u2013 starting w\/ <a href=\"https:\/\/twitter.com\/ShenLucinda?ref_src=twsrc%5Etfw\">@ShenLucinda<\/a> covering all things crypto winter, culture, hiring and Ripple\u2019s new Toronto Eng Hub, and ending w\/ <a href=\"https:\/\/twitter.com\/glichfield?ref_src=twsrc%5Etfw\">@glichfield<\/a> getting into the weeds on how the crypto industry and regulators can work together on sensible, clear policies. <a href=\"https:\/\/t.co\/IVMnJ0oS5o\">pic.twitter.com\/IVMnJ0oS5o<\/a><\/p>\n<p>\u2014 Brad Garlinghouse (@bgarlinghouse) <a href=\"https:\/\/twitter.com\/bgarlinghouse\/status\/1540095215419084801?ref_src=twsrc%5Etfw\">June 23, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The CEO reminded that in December 2020<a href=\"https:\/\/forklog.com\/en\/news\/sec-files-suit-against-ripple\"> the SEC accused Ripple<\/a> of selling unregistered securities in the form of XRP. In his view, the regulator&#8217;s inconsistent action was the approval of<a href=\"https:\/\/forklog.com\/en\/news\/coinbase-shares-begin-trading-on-nasdaq-market-capitalisation-tops-100bn\"> Coinbase&#8217;s listing on Nasdaq<\/a> in April 2021, while the bitcoin exchange was trading the token.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00ab\u2026 they allowed Coinbase to go public, even though Coinbase is not a registered broker-dealer. There are some contradictions in that, within the organization <span data-descr=\"idiom meaning lack of coordination\" class=\"old_tooltip\">the right hand at the SEC doesn&#8217;t know what the left hand is doing<\/span>\u00bb, \u2014 explained Garlinghouse.<\/p>\n<\/blockquote>\n<p>After the SEC filed suit against Ripple Coinbase said that<a href=\"https:\/\/forklog.com\/en\/news\/coinbase-and-okcoin-halt-xrp-trading-amid-sec-lawsuit\"> it would halt XRP trading<\/a> for users in all serviced regions. Later the Commission still had concerns about the exchange, but over a different matter\u2014the regulator<a href=\"https:\/\/forklog.com\/en\/news\/sec-threatens-coinbase-with-lawsuit-over-planned-crypto-savings-accounts\"> warned the company of legal action<\/a> over its Lend crypto-savings accounts.<\/p>\n<p>Back then<a href=\"https:\/\/forklog.com\/en\/news\/ripple-chief-backs-coinbase-in-clash-with-the-sec\"> Garlinghouse supported Coinbase<\/a> and said that the SEC &#8216;continues the war against cryptocurrencies&#8217;.<\/p>\n<p>During the conference, the head of Ripple noted that the Commission, &#8216;instead of working on creating clear regulation&#8217;, uses a coercive approach. In his words, this &#8216;has stifled innovation in the United States&#8217;.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abI don&#8217;t think that [cryptocurrencies] are the Wild West. Cryptocurrencies, certainly, are a volatile asset class [&#8230;]. All asset classes have volatility, and I don&#8217;t believe it&#8217;s the regulator&#8217;s job to determine how consumers and businesses should access it\u00bb, \u2014 added Garlinghouse.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">&#8220;I don&#8217;t think it&#8217;s the wild west at all.&#8221; Ripple CEO <a href=\"https:\/\/twitter.com\/bgarlinghouse?ref_src=twsrc%5Etfw\">@bgarlinghouse<\/a> thinks the SEC isn&#8217;t painting crypto in the right light. <a href=\"https:\/\/t.co\/iO30gVafTn\">pic.twitter.com\/iO30gVafTn<\/a><\/p>\n<p>\u2014 Cointelegraph (@Cointelegraph) <a href=\"https:\/\/twitter.com\/Cointelegraph\/status\/1540085044152107008?ref_src=twsrc%5Etfw\">June 23, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In September 2021, SEC Chair Gary Gensler<a href=\"https:\/\/forklog.com\/en\/news\/gensler-calls-stablecoins-poker-chips-in-a-wild-west-crypto-casino\"> compared cryptocurrencies to the &#8216;Free Banking Era&#8217;<\/a> from 1837 to 1863. Later he repeated the idea and<a href=\"https:\/\/forklog.com\/en\/news\/gary-gensler-stresses-the-importance-of-regulating-the-crypto-industry\"> stated the importance of regulating<\/a> the industry.<\/p>\n<p>Garlinghouse has not been the first to criticize the SEC. In autumn 2021 he<a href=\"https:\/\/forklog.com\/en\/news\/brad-garlinghouse-accuses-the-sec-of-inaction-on-cryptocurrency-regulation\"> accused the Commission<\/a> of failing to provide clear legal norms for the industry.<\/p>\n<p>In May 2022, the Ripple CEO said that crypto-industry participants<a href=\"https:\/\/forklog.com\/en\/news\/brad-garlinghouse-calls-for-clear-regulation-of-the-crypto-industry\"> should act in accordance with regulatory expectations<\/a> and the need for a transparent regulatory framework.<\/p>\n<p>Read ForkLog Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US Securities and Exchange Commission (SEC) has taken an inconsistent approach to regulating the cryptocurrency industry, Ripple CEO Brad Garlinghouse said at Collision conference in Toronto.<\/p>\n","protected":false},"author":1,"featured_media":63416,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1274,36,128],"class_list":["post-63415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-brad-garlinghouse","tag-regulation","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=63415"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63415\/revisions"}],"predecessor-version":[{"id":63417,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63415\/revisions\/63417"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/63416"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=63415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=63415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=63415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}