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Ripple boss slams SEC for “inconsistency” in crypto regulation

 


Ripple CEO Brad Garlinghouse believes the SEC's regulatory efforts regarding the crypto industry are contradictory.


Garlinghouse made the relevant statements on Thursday at the Collision Conference in Toronto in an interview with the editor-in-chief of the influential tech magazine Wired. The Ripple boss naturally referred to the ongoing legal dispute between the blockchain service provider and the SEC, in which the federal authority accuses Ripple of having committed illegal securities sales by issuing the company’s cryptocurrency XRP . At the same time, the stock exchange supervisory authority waved through the IPO of the crypto exchange Coinbase in April 2021, although it had XRP in its listing at the time.


"The SEC argues in their lawsuit that 'XRP is and always has been a security', but nonetheless they approved of Coinbase's IPO, even though Coinbase is not a licensed securities dealer," wonders the Ripple CEO. To which he adds: "So the SEC contradicts itself, like the left hand doesn't know what the right hand is doing."


Garlinghouse goes on to say:


"Rather than the SEC working to create clear rules and new regulations for the industry, they prefer to take the path of least resistance by pursuing regulation through law enforcement, which doesn't really make sense and tends to stifle innovation in the US."

The Ripple CEO also vehemently contradicts the assessment of SEC boss Gary Gensler that the crypto industry is a kind of Wild West. Rather, market participants would also have to bear a certain degree of personal responsibility and price in risks: “Of course, the crypto market is a very volatile asset class, but ultimately all asset classes have a certain volatility. I don't think it's a regulator's job to dictate how investors and companies deal with this volatility.”

The process between the XRP issuer and the important authority is still ongoing. Observers expect that the final decision in the process will set a precedent in the US that could be seminal for the entire crypto industry.

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