Brad Garlinghouse, CEO of Ripple Labs, claims that the US Securities and Exchange Commission (SEC) does not consistently impose restrictions on domestic cryptocurrency companies.
Garlinghouse, who spoke with Wired’s editor-in-chief at a clash meeting in Toronto on Thursday, pointed out the current court battle with Ripple’s SEC. Sale of Ripple (XRP) tokens. Garlinghouse noted that in April 2021 the SEC approved Coinbase’s public offering, even though the cryptocurrency exchange was listing XRP at the time.
“The SEC now seems to be in that position when it complains that” XRP is security and is always the case, “but Coinbase is not a registered broker-dealer, but has approved the release of Coinbase.” Ripple’s CEO said. “The SEC has some contradictions in the organization that it knows little about the left and right hands.” Garlinghouse added:
“The SEC does a lot of work to define a new set of clear rules, but instead defines a new set of clear rules. […] Instead, they decided that we would enforce regulation through enforcement, but I think it wasn’t efficient and actually curbed US innovation. “
Garlinghouse, Ripple co-founder Chris Larsen and chief technology officer David Schwartz filed all complaints against US regulatory authorities before and after the SEC filed a proceeding against the company in December 2020. Leveled. Given the many authorities’ policies of “enforcement regulation,” the company is currently headquartered in San Francisco, but also has offices in Dubai and Wyoming.
Related: Ripple Counsel accuses the SEC of trying to bankrupt cryptocurrencies with bulldozers
“I do not think [crypto is] It’s the Archetypal Old West, “said Garlinghouse, who responded to the characterization of the space by SEC Chair Gary Gensler. “I think cryptography is certainly an unstable asset class. […] All asset classes have a certain amount of volatility. I don’t think it’s the regulatory agency’s job to decide how consumers and businesses will access that volatility. ”
“I don’t think it’s the Archetypal Old West.” Ripple CEO @bgarlinghouse The SEC believes that it is not drawing the code in the right light. pic.twitter.com/iO30gVafTn
— Cointelegraph (@Cointelegraph) June 23, 2022
The proceedings between Ripple and the SEC are still underway, and many expect the results to set a precedent for the regulatory treatment of US cryptocurrencies.
