Brad Garlinghouse, CEO of Ripple Labs, told Bloomberg News that the cryptocurrency industry is still seeking clarity from US regulators. “It’s frustrating that we as a country can’t get that framework in place. And instead, we have this interminable litigation coming from the SEC that really isn’t solving the problem,” he said.
Garlinghouse insisted that the US has fallen behind other countries that have already adopted crypto regulations.
“What we are seeing, where it’s the UK, Japan, Singapore, even the European Union, more than two dozen countries have come together to provide a framework for crypto regulation” he said.
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Ripple CEO Frustrated In Lack Of Regulatory Clarity For Crypto
Garlinghouse’s comments come as no surprise considering Ripple and its native XRP token has been targeted heavily by regulators.
In 2020, the Securities and Exchange Commission (SEC) sued Ripple. It accused the digital payments firm of conducting a $1.3 billion unregistered securities offering tied to its XRP token sale.
Absolute nonsense coming from @GaryGensler today.
And this slander about “all crypto execs going to jail” from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance.
If he was really “working for the… https://t.co/c3ynB5Gncl
— Brad Garlinghouse (@bgarlinghouse) June 25, 2024
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However, Ripple won what was considered a small victory last year when a judge ruled that only Ripple’s institutional and not retail sales of XRP broke the law. Even with that win and its ongoing case with the SEC, Garlinghouse said that the company can’t afford to mount multi-million-dollar court battles for every token.
Garlinghouse Backs Trump, Calls For Acceptance Of Crypto From All Sides
Essentially only in the the US is this even an issue…
Elsewhere, folks from the public & private sectors start out by talking about how profound these technologies are and how they can improve existing systems. Let’s strive for that (as we have seen in many countries) instead… https://t.co/zuDUtl3xPS
— Brad Garlinghouse (@bgarlinghouse) July 16, 2024
Garlinghouse was in attendance at yesterday’s Republican National Convention in Milwaukee. He is backing former President Donald Trump and Ohio Senator JD Vance. However, the Ripple CEO argued that crypto “shouldn’t be a partisan issue,” and noted that he recently attended a conference in Washington DC where Democrats, including representatives from the White House, were in attendance. “I think they were there, listening to the industry, it was refreshing to start to have that conversation,” he said.
Trump has recently pivoted his stance on crypto and is now seen as the pro-crypto presidential candidate. His VP pick, Vance has long been an advocate for crypto.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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