Brad Garling applauds a recent court decision rejecting the Securities and Exchange Commission’s attempt to overturn the payment company’s fair notice claim. He said the recent victory against the SEC is a win for the entire crypto industry. In the current case, the SEC contends that Ripple sold XRP as an unregistered security, which it still believes.
Victory against the SEC is a win for the entire crypto industry
Ripple CEO Brad Garlinghouse lauds recent court ruling that denied the SEC’s bid to strike the payment company’s fair notice defense. CEO Brad Garlinghouse hails a recent court ruling that rejected the SEC’s bid to strike down the payment company’s fair notice defense.
The SEC claims in the current litigation that the payments company offered XRP as an unregistered security, a position it maintains to this day.
Following this, Garlinghouse stated in an interview with Bloomberg TV that the recent rulings were a triumph not just for Ripple the firm but also for the entire crypto industry. I believe the SEC has constantly attempted to broaden its reach and control over the crypto business. That’s something we’ve seen before, not just with Ripple, but in other cases as well.”
The Ripple CEO believes it is preferable to provide regulatory clarity to the crypto business over-regulation by enforcement, which uses lawsuits, for example, to illustrate regulatory policy.
“If we want the US to be a leader in this new growing critical innovative industry, as the internet 20 years ago, we need that regulatory clarity. And the SEC is really just coming out and saying ‘we are going to file lawsuits, enforcement.’ They are not going to provide clear rules so that people know how to operate as other countries have done.”
Garlinghouse says that the SEC has hurt the cryptocurrency industry’s competitiveness in the world’s largest economy. He said that there is no question of the United States Securities and Exchange Commission reducing the competitiveness of this critical industry in the US.
The United States is the only country in the world that considers XRP, Ripple’s digital asset, to be a security. We work successfully in the UK, in Switzerland, in Japan, in the UAE, in Singapore. All of these countries have acknowledged XRP is a currency because that’s how it’s used.”
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