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Brad garlinghouse, president and CEO of Ripple Labs, said the U.S. Securities and Exchange Commission, or sec, has imposed inconsistent regulations on crypto companies in the country.
Talk to a wired editor at the collision conference in toronto on thursday, garlinghouse brought up ripple's current legal battle with the second, in which the federal regulator alleged that the company's executives conducted an "unregistered process", continued offering of digital asset securities" with sales of xrp tokens. Garlinghouse referred to the dry approval of the COINBASE tender in April 2021 despite the fact that the cryptography exchange listed xrp at the time.
"the dry now seems to take the position when they sued us that "xrp is a security and always has been" “There’s some contradictions here of the SEC almost not, within its organization, knowing left hand, right hand.” Garlinghouse added:
“The SEC, instead of doing the hard work to define a new set of clear rules, a new set of clear regulations [...] they instead decide we’re going to do regulation through enforcement, which is not efficient and really I think has stifled innovation in the United States.”
Garlinghouse, Ripple co-founder Chris Larsen, and chief technology officer David Schwartz have all leveled complaints against U.S. regulators prior to and following the SEC filing its lawsuit against the firm in December 2020. Larsen suggested in October 2020 that Ripple might consider leaving the U.S. behind given many authorities’ policy of “regulation through enforcement” — the firm is currently headquartered in San Francisco, but also has offices in Dubai and Wyoming.
Related: Ripple counsel slams SEC for trying to bulldoze and bankrupt crypto
“I don’t think [crypto is] Is also based in Dubai and Wyoming. Related: ripple lawyer slams dry to try to bulldoze and bankrupt crypto"i don't think [crypto is]
Related: ripple lawyer slams sec to try to bulldoze and bankrupt crypto"i don't think [crypto is] the wild west at all," said garlinghouse, in response to smc chair gary gensler's characterization of the space. Ripple CEO @bgarlinghouse thinks the SEC isn't painting crypto in the right light. pic.twitter.com/iO30gVafTn
— Cointelegraph (@Cointelegraph) June 23, 2022
I don't think it's the job of a regulatory body to figure out how this volatility should be accessible to consumers, to businesses."
