San Francisco-based fintech companies have had great success in the last two months. On March 12, Analisa Torres refused to use “defense of fair notice” in the SEC’s motion to attack Ripple. The SEC alleged that the clearing company illegally sold XRP as an unregistered securities. The position that regulatory agencies have maintained to this day.
Now, Brad Garlinghouse celebrated this victory while speaking in an interview with Bloomberg.
Do you call for congratulations?
The recent court decision not to defend Ripple’s fair notice was a victory for the entire crypto industry. Garlinghouse insisted that:
“I think it’s a win not only for Ripple, but for the crypto industry as a whole. The SEC has consistently sought to actually extend its reach and control over the crypto industry. Not just for Ripple, but for other cases as well. I have seen. “
However, the United States called for an urgent need for regulatory clarification. “If the United States wants to be a leader in this emerging and important innovative industry, like the Internet 20 years ago, it needs regulatory clarity,” he added. The plaintiff could not. The SEC actually came out and said, “We are going to file proceedings, enforcement. They are clear so that they can see how people operate as other countries do. I’m not going to provide any rules. “
Failure to provide it can be difficult for regulators. Former SEC Commissioner Joseph Grundfest reiterated concerns on this topic. He argued that “if you end up trading XRP in a non-US forex, the SEC will not be able to reach it.” This was in agreement with the opinion of the US Supreme Court.
More damage
According to the CEO, the SEC has undermined the competitiveness of the cryptocurrency industry in the world’s largest economy.
“There is no doubt that the US SEC has reduced the competitiveness of this important industry in the United States. Not only are they out of step with the rest of the US government, but they are also in other major economies around the world. I don’t think we are in step with the country. “
The United States was the only country in the world to consider XRP, the digital asset used by Ripple, as security.
That said, XRP holders are widespread in the ongoing battle. The main question here was whether XRP could bounce back despite winning this car.
At the time of the press, XRP shyly traded the $ 0.8 mark and received a new 1% correction. What’s next?
