Ripple CEO says that SEC is not a clear framework for crypto, discusses XRP lawsuit-regulation
Ripple CEO says that SEC is not a clear framework for crypto, discusses XRP lawsuit-regulation
While the procedure with the US Securities and Exchange Commission (SEC) continues, Ripple CEO Brad Garlinghouse insists that the Commission has not clarified in the crypto regulation. He said the SEC used its meetings with crypto companies as a lead generation for enforcement measures, and the agency had lost sight of its mission to protect investors.
ripple’s CEO claims that the SEC use with crypto companies as a lead generation for enforcement measures
In the middle of the complaint of the SEC xrp Crypto regulation through the security supervision. He tweeted on Saturday:
American innovation is at stake because the SEC refuses to provide a clear framework for crypto. Instead of working with the industry, the SEC uses its meetings with companies as a lead generation for their enforcement measures.
The ripple The tweets of the CEO followed his interview with Fox Business Friday, in which he also spoke about the discussion about the ambiguity of the crypto regulation XRP Laws and their consequences.
"I think there was and gives a lack of clarity," repeated Garlinghouse and emphasized: "If we want this industry to thrive here in the United States, there must be clarity." He insisted that the SEC chairman could not say further: Hey, there is clarity " "Congress to write new laws to clarify this". Garlinghouse emphasized: "Both things cannot exist."
He also referred to the Coinbase crypto tour noted on the Nasdaq, which recently leave his plan to bring a loan product onto the market after the SEC threatened a lawsuit. The stock exchange announced that the commission had not justified its decision.
Discussion about the xrp complaint said that the "mission of the SEC is to protect investors and to ensure geordered markets to contribute ”. However, he argued that in the xrp
More than 10,000 people who hold xrp have submitted a collective action against the SEC. These are exactly the people to protect the SEC. he added that the securities monitor, without clarity, "allowed" xrp very freely noted in the United States become." Consequently, "more and more people interfered" and xrp for eight years, and then [The Sec] brought the price at 60 or 70 % lowered. “ Garlinghouse said: "If the goal is ordered markets and the goal of protecting investors, in my opinion we have lost sight of the overall picture of the main order of the Sec." The ripple executive was asked what Gary Gensler's final is ripple, xrp , and the entire crypto business. He replied: I think we lose sight of the fact that crypto is regulated. It is regulated by the CFTC, it is regulated by other government agencies, be it finces or the US Ministry of Finance. When I heard the SEC people got and said: 'Hey, that's the wild wild west, he is not regulated', that's not quite true. Garlinghouse is not the only one who worries about the ambiguity in crypto regulation. US Senator Pat Toomey wrote a letter to Gensler Friday Crypto regulation asks. SEC-Commissioner Hester Peirce has also commented concerns about the lack of clarity related to the Crypto regulation. Garlinghouse further found that the SEC often said: "Hey, come and talk to us." "Every time someone from the crypto community speaks to you, it feels like it would be a lead generation to initiate enforcement measures. This is not a good way for us to help this industry in the United States," he said. The SEC claimed that xrp is in contrast to Bitcoin or ether and must be registered as such. Garlinghouse described: "If you start treatment xrp As security, you are subject to a whole series of regulations [and] costs in connection with securities. Magic of xrp how incredibly quickly and how ripple does it use to use technology. " The CEO warned: If you start considering it as security, the costs and speed change dramatically and this is really an example of where the SEC selects the winners and losers of this new industry. Do you agree Ripple CEO Brad Garlinghouse? Let us know in the comment area below. Bedy verification : Shutterstock, Pixabay, Wiki Commons