Brad Garlinghouse, CEO of Ripple Labs, claims that the US Securities and Exchange Commission (SEC) imposes contradictory regulations on cryptocurrency companies in the country.
At a conference in Toronto, Canada on the 23rd, Garlinghouse CEO claimed that the SEC would fall under the category of “unregistered digital asset securities offer”, and the court battle continued with Ripple and Garlinghouse CEO. I touched on that. CEO Garling House noted that the SEC approved a new listing of Coinbase in April 2021, despite the fact that XRP was listed on the crypto exchange coinbase.
“The SEC has taken the position that’XRP is a security’, but has approved Coinbase’s initial public offering even though Coinbase is not a registered broker-dealer.” “There is a contradiction within the SEC’s organization that it knows one and approves the other.”
“The SEC has decided to regulate through enforcement instead of working hard to define new clear rules, new clear regulations. This is inefficient and hinders US innovation. ing”
Garlinghouse, Ripple co-founder Chris Larsen, and chief technology officer David Schwartz complained to the SEC before and after the SEC filed a lawsuit in December 2020. ing. In October 2020, Larsen suggested that Ripple might consider leaving the United States, as the authorities have a policy of “enforcement regulation.” The company is currently headquartered in San Francisco, but also has offices in Dubai and Wyoming.
“I don’t think (the cryptocurrency) is the Wild West at all,” Garlinghouse said, in response to SEC Chairman Gary Gensler’s characterization of the crypto space. “Cryptocurrencies are certainly a volatile asset class, but every asset class has a certain amount of volatility. It’s not the job of regulators to determine how consumers and businesses use volatility.”
— Cointelegraph (@Cointelegraph) June 23, 2022
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