Ripple CEO Brad Garlinghouse voiced his discontentment with the United States Securities and Exchange Commission (SEC), claiming that it has contradicted crypto legislation.
Garlinghouse stated at the Collision Conference 2022 that the SEC has ambiguously defined laws on cryptocurrency enterprises in the nation.
Garlinghouse discussed Ripple’s continuing legal dispute with the SEC, which has accused the company of conducting an unregistered, continuous digital asset securities offering via XRP token sales.
Garlinghouse then brought out how the SEC authorized Coinbase’s first public offering last year, despite the fact that the crypto exchange was trading XRP at the time.
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According to Garlinghouse, the SEC now appears to take the stance when they sued them claiming that XRP is a security and always has been, yet they allowed Coinbase to go public despite the fact that Coinbase is not a licensed broker-dealer.
There is a lot of internal conflict going on in the SEC where members are having a difficult time arriving at a unanimous decision.
Garlinghouse went on to say that rather than putting in the effort to create a new set of clear standards, the SEC prefers to regulate through enforcement.
He believes that the enforcement has hampered innovation in the United States by being ‘inefficient.’
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The Battle Continues Between XRP and SEC
Before and after the SEC launched a lawsuit against the business in December 2020, Garlinghouse, Ripple co-founder Chris Larsen, and CTO David Schwartz filed concerns with US regulators.
Larsen said in October 2020 that Ripple should consider leaving the United States, given the “regulation via enforcement” approaches of several authorities—the company is now based in San Francisco, but still has operations in Dubai and Wyoming.
In reply to SEC chairman Gary Gensler’s controversial description of the crypto industry as the “Wild West,” Garlinghouse stated added that he doesn’t think that crypto is at all the “Wild West”.
He went on to say that while cryptos are undoubtedly a risky asset class, all assets are volatile.
However, he stated that it is the responsibility of regulators to choose how that unpredictability should be utilized by individuals or enterprises.
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The Ripple-SEC action is still underway, and many anticipate the conclusion to create a benchmark for controlling cryptocurrencies in the United States.
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