- Ripple CEO has slammed the SEC’s “enforcement-driven” approach, calling for Congress to intervene.
- Garlinghouse has found hope in recent court rulings and potential bipartisan action.
- Garlinghouse has refuted Senator Warren’s claims, stating that most crypto players embrace regulations.
In a recent interview on Bloomberg TV, Ripple CEO Brad Garlinghouse tackled key issues impacting the cryptocurrency industry, including clearer regulations, the potential impact of the 2024 elections, and Ripple’s strategic moves to advance institutional adoption.
Ripple Chief Urges Congress to Rein In SEC
Garlinghouse emphasized the industry’s long-standing plea for regulatory clarity, criticizing the US Securities and Exchange Commission’s (SEC) enforcement-driven approach that fuels legal battles instead of providing concrete guidelines.
Despite Ripple’s ongoing legal tussle with the SEC, Garlinghouse highlighted favorable court rulings affirming that XRP, Ripple’s native token, isn’t a security. He expressed hope for a resolution through consistent court wins against the SEC or Congressional action.
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Garlinghouse stressed the importance of the US reclaiming its leadership role in crypto regulation, lamenting its lagging position compared to other major economies. Underscoring Ripple’s bipartisan approach to advocacy, he mentioned the formation of a super PAC supporting pro-crypto and pro-innovation candidates.
Ripple CEO Debunks Warren’s Claims
The CEO also cited John Deon’s Senate candidacy against Elizabeth Warren as a sign of growing political interest in pro-crypto regulations. Garlinghouse refuted Senator Warren’s claims that the crypto industry opposes Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
He emphasized that most industry players actively comply with existing regulations and welcome clear guidelines, dispelling the narrative that the industry seeks to circumvent them. Garlinghouse also shed light on Ripple’s recent acquisitions, like Standard Custody, to solidify its position in offering secure custody solutions for institutional and corporate clients.
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With the 2024 US elections looming, Garlinghouse acknowledged the potential impact on crypto regulation. He emphasized Ripple’s active engagement with policymakers and support for candidates who embrace innovation and responsible regulation. Whether the elections will usher in a new era of clarity for the crypto industry remains to be seen, but Ripple’s CEO is betting on it.
On the Flipside
- Garlinghouse’s optimism about the impact of the elections assumes a pro-crypto outcome, while the actual results could be different.
- Even if Ripple wins its case against the SEC, broader regulatory clarity isn’t guaranteed.
- While Ripple claims a bipartisan approach, their support for pro-crypto candidates could be seen as favoring one side of the regulatory debate.
Why This Matters
Ripple’s CEO pushes for legislative action, highlighting favorable court rulings and industry compliance to counter negative narratives. The 2024 elections and Ripple’s strategic moves paint a picture of an industry actively shaping its regulatory future. This case could set a precedent for the entire crypto space.
To learn more about the upcoming SEC vs. Ripple lawsuit and its potential impact on XRP, read here:
SEC vs. Ripple Discovery Deadline 2 Days Away, What to Expect
Curious about the recent surge in XRP’s price and analysts’ predictions for its future? Read more here:
XRP’s Weekly Surge Sparks Improbable 7000% Pump Speculations
