Brad Garlinghouse Criticizes SEC Chairman Gary Gensler
Brad Garlinghouse, the CEO of Ripple Labs, has openly criticized the U.S. Securities and Exchange Commission (SEC) and its Chairman, Gary Gensler. Speaking at Messari’s Mainnet 2023 event in New York City, Garlinghouse accused Gensler of prioritizing power and politics over effective regulation, labeling him as a bully.
Garlinghouse’s Remarks and Ripple’s Legal Battle
Garlinghouse’s comments come after a court decision in the SEC vs. Ripple case on July 13th. He stated that the SEC failed in its objectives, emphasizing that the ruling effectively dismantled Gensler’s argument that most crypto assets, including XRP, should be classified as securities.
Gensler Is a Hammer
In an interview at TOKEN2049 in Singapore, Garlinghouse expressed disappointment with the SEC’s lack of collaboration with the crypto sector. He contrasted this with more proactive stances taken by other countries such as Singapore, Hong Kong, the U.K., and Dubai. Garlinghouse criticized Gary Gensler, calling him a hammer who sees everything as a nail.
Ripple’s Optimism Amid Legal Battle
Despite spending over $100 million in legal fees defending against the SEC’s claims, Garlinghouse remains hopeful. The judge in their case has stated that XRP is not a security. Additionally, 80% of Ripple’s new hires this year will be based outside the U.S., reflecting the company’s belief in the country’s lagging position in the global crypto race. However, Garlinghouse believes that changes in political leadership and potential legislative action could improve the situation.
Issues with Regulatory Ambiguity
Garlinghouse’s main concern with regulations is not their strictness but their ambiguity. Ripple has received preliminary approval for a major payments institution license in Singapore and has applied for one in Dubai. Garlinghouse accused the SEC of sowing confusion and expressed optimism about the U.S. appellate court system, citing a recent court decision against the SEC involving Grayscale as a positive sign for Ripple.
Hot Take: Brad Garlinghouse Criticizes SEC Chairman Gary Gensler
Ripple Labs CEO Brad Garlinghouse openly criticized SEC Chairman Gary Gensler, accusing him of prioritizing power and politics over effective regulation. The comments came during Garlinghouse’s speech at Messari’s Mainnet 2023 event, where he labeled Gensler as a bully. This criticism follows a court decision in the SEC vs. Ripple case, where Garlinghouse highlighted the failure of the SEC’s objectives and the dismantling of Gensler’s argument that most crypto assets should be classified as securities.
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