- Ripple’s CEO, Brad Garlinghouse, has expressed frustration with the current U.S. regulatory landscape.
- Ripple’s CEO unveiled a bold 80% international hiring strategy amid an ongoing legal battle.
- Garlinghouse sharply critiqued SEC Chair Gensler, employing a famous definition of insanity in his comments.
Amid an ongoing legal showdown with the U.S. Securities and Exchange Commission (SEC) and an announcement of massive expansion outside of the US, Ripple’s CEO Brad Garlinghouse has not minced his words when singling out SEC Chairman Gary Gensler for his resolute stance on crypto regulations.
Garlinghouse announced that 80% of Ripple’s staffing initiatives this year have been concentrated in dynamic global markets such as Singapore, Hong Kong, the United Kingdom, and Dubai.
"It's super frustrating that you see markets like we have here in Singapore... where governments are partnering with the industry, providing clear rules, and you're seeing growth. That's why Ripple is hiring there." he articulated.
Garlinghouse Criticizes SEC’s Crypto Regulation Approach
Without breaking his stride, he promptly responded to the interviewer’s inquiry regarding how he handles such situations when faced with a recurring response from the SEC.
He asserted, "One of the definitions of insanity is doing the same thing over and over again and thinking you're going to get a different outcome. Gary Gensler is a hammer, and everything looks like a nail. You know, just saying people need to register does not mean that what the law says is that these are securities."
Garlinghouse’s comments clearly indicate his frustration with the SEC’s approach to crypto regulation. He believes that the SEC is not providing enough clarity to the industry and that its enforcement actions are too heavy-handed. He also believes that Gensler is too quick to classify cryptocurrencies as securities, which could stifle innovation in the industry.
On the Flipside
- While Singapore and other mentioned markets may offer more crypto-friendly regulatory frameworks, they also pose political and geopolitical risks that should not be underestimated.
- Regulatory uncertainty in the crypto space is a global issue, and relocating to foreign markets does not guarantee immunity from potential legal challenges or regulatory changes.
- Ripple’s legal battle with the SEC is far from over, and the recent court ruling, while favorable, does not entirely absolve the company of potential legal challenges.
Why This Matters
As mentioned by Garlinghouse, the frustration with SEC Chair Gary Gensler’s approach to regulation is palpable. This shift in Ripple’s hiring strategy amplifies concerns that stringent U.S. regulations may drive crypto innovation away from American shores, potentially impacting the country’s position in the global crypto landscape.
To learn more about Ripple’s recent acquisition of Fortress Trust, read here:
Ripple Expands License Arsenal with Fortress Trust Acquisition
To learn more about Ripple’s efforts to protect Fortress users who were affected by a recent hack, read here:
Ripple Steps Up to Protect Affected Users in Fortress Hack