Ripple Exec urges US elected officials to notice Gensler’s assertions
Brad Garlinghouse dragged the SEC chairman under the crypto sector’s biggest question, which is clarity on the crypto regulation.
Brad Garlinghouse is CEO of Ripple, a San Francisco headquartered fintech company. With the help of the XRP coin, Ripple provides cross-border settlements for small & big companies. Ripple labs is the engineering team behind the XRP coin & XRP Proof-of-stake (PoS) blockchain network.
On 31 March 2023, Ripple’s CEO quoted the statement passed by the United States Securities and Exchange Commission (SEC) chairman Gary Gensler on the Crypto market, crypto regulation, & expansion of the SEC’s division to interact with the crypto industry more perfectly.
Garlinghouse noted that the SEC chairman is deciding himself the nature of crypto assets, which is security & which not. According to Garlinghouse, the SEC Chairman’s leadership is more similar to dictatorship and here US policymakers should address the latest statements passed by him.
“For the Chair of the SEC to assert that he dictates what is a security – and not the legislation from which his agency derives its power – is beyond comprehension. It’s time for elected officials in the US to take notice,” Garlinghouse said.
Further on the Ripple vs SEC lawsuit, Garlinghouse said that if the existing traditional financial regulatory system is enough to regulate the crypto sector then why the SEC agency is not able to provide clarity on the nature of the XRP token directly without any problem?
Ripple vs SEC
Since Dec 2020, Ripple & the SEC Agency are in a legal fight over the nature of the XRP coin. Through the lawsuit, the SEC alleged that the XRP token is a security and also Ripple violated securities law because this company & its executives sold more than $1.3 billion worth of unregistered XRP tokens publicly.
Read also: Gensler wants expansion in SEC’s Division of Examinations to regulate the crypto sector
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