Ripple CEO Brad Garlinghouse Bashes U.S. Regulators on Lack of Regulatory Clarity
San Francisco-based blockchain startup Ripple has been in a bitter war with the U.S. SEC over the last few months. The SEC slapping lawsuit on Ripple over the alleged sale of XRP securities has put the two at crossroads. Bashing out the U.S. regulators once again, Ripple CEO Brad Garlinghouse said that the lack of regulatory clarity on the use of cryptocurrencies in the U.S. is “Frustrating”.
Speaking to CNBCs Squawk Box, Garlinghouse said that the U.S. is far behind other Asian countries when it comes to crypto regulations. He added:
“I give credit to markets like Singapore and even parts of Korea where there really has been a thoughtful government-led effort to define and have clear regulatory frameworks around cryptocurrencies.”
Garlinghouse didn‘t miss to touch down upon his company’s legal battle with the SEC. He notes that the U.S. is the only country that considers XRP as a security. Garlinghouse noted:
“Ironically, here in the United States they have not provided that same clarity. It is the only country on the planet that has said XRP is anything other than a currency. The SEC has said… XRP is a security. And so we‘re now engaged in a court discussion. So far, I feel good about how that’s been going, but its certainly frustrating.”
Despite the legal battle, Garlinghouse looks confident that they will overcome all the regulatory challenges. He said that Ripple will continue to leverage its XRP ledger to make cross-border payments efficient. He added that instead of shunning down innovation, the industry should focus on utility and challenges that these technologies can solve.
Ripple Gaining the Edge over the SEC
In the Ripple vs SEC lawsuit, the blockchain startup seems to be gaining a firm grip on the case. Earlier this month, Ripple registered some micro victories in the case against the U.S. regulator. Earlier, the court judge denied SEC to gain access to the personal financial spending of the Ripple executives.
Besides, the blockchain startup also proceeded on moving a motion against dismissing the lawsuit. Currently, the industry is hopefully looking at the appointment of the new SEC Chairman Gary Gensler reportedly known for a friendlier approach towards digital currencies.
In the meanwhile, XRP has been rallying strongly and surged another 11% today moving past $1.55 at press time.
Coinbase Transparency Report Shows U.s. Leads Way in Bitcoin User Data Monitoring
A report from cryptocurrency exchange Coinbase shows that the U.S. is the most aggressive in seeking information about bitcoin traders.
New petition asks SEC chair nominee Gary Gensler to drop Ripple lawsuit
An XRP advocate started a petition to SEC chair nominee Gary Gensler, asking him to end the lawsuit against Ripple should he be confirmed as the new chair.
Will Coinbase and Binance Relist XRP? Why XRP price is Surging?
The second breakthrough came from an SECs claim that only Ripple and its associated are liable under section 4 of registration requirements, thus offering in a way that any other exchange like Coinbase and Binance wont violate securities law if they relist XRP.
- Token conversion
- Exchange rate conversion
- Calculation for foreign exchange purchasing
- Please enter the number
- Current Currency
- purchasing price
- Amount Required