Ripple CEO Warns Threatening XRP Lawsuit Ruling Will Have ‘Crucial’ Implications For Crypto If SEC Wins
Ripple CEO Brad Garlinghouse warns of negative consequences for the entire crypto industry if the US Securities and Exchange Commission (SEC) wins the lawsuit against the payment company.
In a new Bloomberg interview, Garlinghouse says that if the SEC prevails in the lawsuit claiming XRP is a security, this outcome will have implications for the entire crypto industry.
“The SEC taking the case against Ripple wasn’t really just a case about Ripple or about XRP. It’s really about the industry and how the SEC is in a way playing offensive and attacking the entire industry. Two and a half years ago when it started, I’m not sure everyone fully digested it. And now it is widely understood.
This is going to be pivotal for the entire industry because if the SEC is able to prevail, I think there are a lot of other cases and some of them just in the last four weeks: I think they brought five additional enforcement cases.”
According to the Ripple CEO, how the SEC is going about regulating the US crypto industry is “not healthy.”
“The macro headline for me is that this is not a healthy way to regulate an industry. Regulation through enforcement as opposed to what we see in other countries where they do the job – they codify, they create a framework that allows an industry to grow while they protects consumers.”
Garlinghouse says that the regulatory uncertainty in the US will and does affect the world’s largest economy negatively.
“Look at the benefits to the US on a geopolitical basis of having the Amazons and Googles based and headquartered in the US.
I think we are at serious risk of that not happening in this next evolution of technology around blockchain and crypto. It has already begun to move outside the United States.
And consumers also suffer because of it. Because you don’t have the same protection that the US regulations can provide.”
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