2023-7-18 23:48 |
Just days after the major legal victory, Ripple Labs CEO Brad Garlinghouse spoke with CNBC on the recent court decision in the legal battle with the U.S. Securities and Exchange Commission (SEC). Garlinghouse emphasized that the verdict in the lawsuit is good for the whole crypto industry, not just Ripple.
He stated, “I think this is a huge win, not just for Ripple, but for the whole industry. It puts the SEC’s narrative and comments that they make publicly about all of these digital assets being securities in check.”
Garlinghouse stressed the need for clear rules to control the cryptocurrency sector. He voiced that it is unhealthy to try to regulate by enforcement. Instead, he pushed for unambiguous legislation that laid out the ground principles for all businesspeople operating in the cryptocurrency industry. According to the Ripple CEO, the SEC’s legal activities have stifled innovation in the US. He also stressed the significance of pushing the legislative process.
The SEC didn’t only not provide clear rules but also seemed to try and stop the sector from getting clarity. As Garlinghouse said to Bloomberg in another interview, “For the SEC, its overreach […] to say everything is a security. It is the first time the SEC has lost a crypto case. I think the SEC has been a bully and has gone after weak players who couldn’t mount a defence.”
When asked who should oversee crypto tokens, Garlinghouse admitted that there is a regulatory gap. He emphasized, however, that most of those working in the sector are builders who want to enhance the financial system and investigate alternative applications for blockchain and cryptocurrency technologies. He noted that Ripple has focused on cross-border payments but anticipates various transformative use cases. Clear rules of the road, according to Garlinghouse, would encourage investment and allow entrepreneurs to flourish.
While the US lacked clarity, Garlinghouse said he was encouraged by developments overseas. He mentioned the UK’s proposed rules on crypto assets and highlighted the efforts of the European Union to create a unified framework through the Markets in Crypto-Assets Regulation (MiCA). He urged Congress to act but voiced irritation with the country’s lack of direction and leadership. While the regulatory certainty for XRP and Bitcoin is valuable, Garlinghouse stated that the lack of regulatory clarity for other digital assets is a matter of concern.
Garlinghouse concluded that Congress should take the court decision as a wake-up call to provide crypto with much-needed regulatory clarity. He hoped Washington would move forward since lawmakers like Tom Emmer were pressing for action.
In addition to being a significant victory for Ripple, the court ruling in the SEC v. Ripple case has wider ramifications for the whole crypto industry. It has highlighted the necessity of transparent policies that support investment and innovation while advising business owners.
The decision has called into question the SEC’s regulatory strategy and emphasized the significance of legislative action. Brad Garlinghouse, the CEO of Ripple, has pleaded with Congress to seize this chance to offer regulatory certainty, stressing that the United States must take the lead in this field. The pressure on Congress to act has increased as other nations make strides in creating regulatory systems.
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