- Brad Garlinghouse, the Ripple CEO, recently highlighted his thoughts on the Securities and Exchange Commission (SEC) at a conference.
- Deciding to carry out regulation through enforcement is not efficient and has stifled innovation in the country, Garlinghouse cited.
- 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.
Are They Acting Partial In Different Situations?
He referred to the SEC’s approval of the public offering of Coinbase in early 2021, in spite of the exchange having an XRP listing back then.
Garlinghouse highlighted that the SEC now seems to take the position when they impeached us that XRP is security since always. And they approved Coinbase shifting towards being public given the fact that the exchange is not a registered broker-dealer.
And that the SEC instead of doing the hard work to clarify the new set of rules and regulations, they instead decided that they (referring to himself) are going to carry out regulations through enforcement, which is not efficient and he thinks has stifled innovation in the United States.
The CEO, along with the co-founder Chris Larsen and the Chief Technology Officer David Schwartz, have level complaints against the regulators in the US even before the popular Ripple Vs. SEC case.
Larsen highlighted in 2020 that the company may consider leaving the US amidst the policy of a lot of authorities of regulation through enforcement. The company presently has its headquarters in San Francisco and also has their offices in Wyoming and Dubai.
It is indeed true that the SEC has been a notorious regulator while showing no mercy when it comes to regulations.
The Ripple Vs. SEC case has been ongoing since December 2020 now. Although the case has taken a lot of turns within this time, there has been no solid closing of the case. It is to look forward to when the case actually witnesses an end and in whose favor it would be.
Source: https://www.thecoinrepublic.com/2022/06/24/ripple-ceo-condemns-the-legendary-regulator-for-contradictions-on-regulating-crypto/