In the midst of the ongoing legal dispute over the XRP token’s nature, Brad Garlinghouse, CEO of Ripple, launched a new attack on the U.S. Securities and Exchange Commission (SEC). Gary Gensler, the head of the Securities and Exchange Commission, told the House Appropriations Committee that the market for cryptocurrencies can be adequately regulated by the existing securities laws.
Garlinghouse Slams SEC
Ripple (XRP) CEO Brad Garlinghouse said US Securities and Exchange Commission (SEC) Chair Gary Gensler acts like an “autocrat,” urging elected officials to take notice of the regulator. Garlinghouse responded to a news story in which Gensler claimed that the industry is already covered by current regulations, so no new legislation is required.
To which Garlinghouse responded, “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.”
As long as the SEC head acts like an autocrat in charge of a $2.2 billion bloated agency, the authority will never want to be clear about which crypto assets are “in” or “out.” Garlinghouse emphasized that ambiguity can pass for authority in the absence of clear jurisdiction.
Garlinghouse’s Opinions Echo Those of Crypto Stakeholders
The crypto community has long expressed its concerns about the SEC’s approach to Crypto. The commission recently increased its regulatory efforts against the cryptocurrency industry.
Justin Sun, a cryptocurrency entrepreneur, and his businesses are the targets of a new lawsuit from the Commission. Moreover, for failing to register as a national securities exchange, the financial authority also brought charges against the cryptocurrency platform Beaxy.
The legal battle between SEC and Ripple is nearing its end with several crypto attorneys predicting a win for the crypto firm. However, it seems like the SEC is not budging on its regulatory approach.
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