Ripple CEO Garlinghouse Critiques The SEC For ‘Contradictions’• June 24, 2022 4:08 pm • Comments
The CEO of Ripple, Brad Garlinghouse, has been publicly critiquing the SEC for its contradictory actions which are continuing to stifle growth and innovation within the United States.
In his critique, Garlinghouse compares the legal battle that the SEC has with Ripple company to the SEC’s approval of the Coinbase IPO back in 2021.
In Ripple’s case, the SEC claims that Ripple had conducted an unregistered securities offering with the XRP token sales.
However, the SEC had approved Coinbase’s IPO even though Coinbase was not a registered broker dealer and had listed XRP on its exchange at the time.
As a result of this, Garlinghouse is continually trying to bring to the light that the actions of the SEC are inconsistent as the lawsuit continues to drag on.
Brad Garlinghouse at Toronto’s Collision Conference, June 23:
“If we lost the lawsuit, #Ripple would leave the U.S.
But that’s not going to happen.
We have the SEC by the balls… and soon we will give a hearty squeeze.”
💥 BOOOOOM! 💥 pic.twitter.com/BqWlOADyKT
— XRP the Standard Productions (@XRP_Productions) June 24, 2022
“The SEC, instead of doing the hard work to define a new set of clear rules, a new set of clear regulations […] they instead decide we’re going to do regulation through enforcement, which is not efficient and really I think has stifled innovation in the United States.”
Garlinghouse, Ripple co-founder Chris Larsen and chief technology officer David Schwartz have all leveled complaints against U.S. regulators prior to and following the SEC filing its lawsuit against the firm in December 2020.
Larsen suggested in October 2020 that Ripple might consider leaving the U.S. behind, given many authorities’ policy of “regulation through enforcement” — the firm is currently headquartered in San Francisco but also has offices in Dubai and Wyoming.
Gary Gensler, the chair of the SEC, had also made comments that crypto was considered the wild west where heavy regulation was needed.
Garlinghouse responds and states that he does not believe that crypto is considered the wild west anymore.
Instead, he acknowledges that the markets are still volatile for digital assets, but this is completely normal for different asset classes.
Therefore, it should not be up to the SEC to decide how that volatility should be assessed by both consumers and businesses.
As the Ripple vs SEC lawsuit continues to progress, many investors are speculating on what will happen once the case finally comes to an end.
"I don't think it's the wild west at all." Ripple CEO @bgarlinghouse thinks the SEC isn't painting crypto in the right light. pic.twitter.com/iO30gVafTn
— Cointelegraph (@Cointelegraph) June 23, 2022
Brad Garlinghouse, the Ripple CEO, recently highlighted his thoughts on the Securities and Exchange Commission (SEC) at a conference.
The Ripple Vs. SEC case has been long pending now; it is to see when the case comes to a decision.
The Chief Executive Officer of Ripple Labs, Brad Garlinghouse, has recently asserted that the United States Securities and Exchange Commission (SEC) has inconsistently imposed regulations on the crypto entities in the country.
He recently highlighted this while attending the Collision conference in Toronto and was speaking to a wired editor-in-chief.
He further brought attention to the ongoing legal battle between Ripple and SEC, where the regulator claimed that the company’s executives carried out an unregistered digital asset securities offering with the sales of XRP tokens.
So far, the lawsuit has not affected Ripple’s status as the company continues to hire new employees and look at potential acquisitions even during the current crypto bear market.
Ripple CEO Brad Garlinghouse pointed to the SEC’s approval of Coinbase’s public offering as an example of contradictory enforcement policy, given the crypto exchange listed XRP, an allegedly unregistered security at the time. https://t.co/OzRKFTUuoB
— Strawberry NG News (@StrawberryNG) June 23, 2022
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