Good day everyone,
I hope you are all well and had an excellent week, welcome to CryptoGod-1’s blog on all things crypto. The CEO of Ripple (XRP) has has expressed strong criticism of the US Securities and Exchange Commission (SEC), claiming the organisation is more focused on other matters besides its core mission to protect investors.
Brad Garlinghouse
The CEO of the US-based blockchain payments firm Ripple, Brad Garlinghouse, has shown his strong criticism of the SEC when he was speaking with CNBC at Ripple’s Swell conference in Dubai on the 9th of November 2023. There he raised concerns about the SEC’s priorities, focusing on their recent efforts and questioning who is the agency working to protect via its regulatory efforts.
His remarks come after the SEC’s 2020 accusation against Ripple and its executives, where the organisation alleged a $1.3 billion securities fraud related to the initial sale of XRP tokens to retail investors. However, a significant victory was secured by Ripple against the SEC back in July of this year when a judge ruled that XRP is not in and of itself a security.
Following on from that victory, the SEC then dopped its securities law violation charges against Garlinghouse and Ripple co-founder Chris Larsen back in October. With Garlinghouse willing to speak about the overall situation, he made it clear that he views the latest developments as positive for the entire crypto industry, not just Ripple.
Garlinghouse also went on to note that he is expecting a positive shift in momentum towards the regulatory landscape in the future while he also hopes the actions of the SEC will lead to federal laws governing digital currencies introduced by Congress. He feels this would reduce the reliance on continuous litigation. He noted:
“I’m hopeful this will be a thawing of the permafrost in the United States for really seeing an amazing industry that has immense potential thrive in the largest economy in the world."
Garlinghouse emphasised that the SEC needs to reconsider its approach to regulation and enforcement, citing the recent court ruling involving Grayscales planned conversion of its Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF). He feels the SEC must move away from what some consider “regulation through enforcement.” He also stated:
“Generally, judges tend to be pretty down the middle and try to not be dramatic — those are damning words. So I think at some point, the SEC has to step back and realize that their approach of regulation through enforcement, let’s just bring lawsuits, that has to break.”
Have a great day,
Peace. CryptoGod-1.
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