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 payments company.
In a new Bloomberg interview, Garlinghouse says that if the SEC wins the lawsuit alleging XRP is a security, that outcome will have ramifications for the entire crypto industry.
“The SEC that brought 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 kind of takes offense and attacks the entire industry. When it started two and a half years ago, I’m not sure everyone fully digested it. And now that’s widely understood.
This will be critical for the industry as a whole because if the SEC can prevail, I think there are many other cases, and some of them just in the last four weeks: I think they’ve filed five additional enforcement actions.”
According to Ripple CEO, the way the SEC regulates the US crypto industry is “not healthy.”
“The macro headline to 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 work – they codify, they create a framework that allows an industry to thrive while protecting consumers.”
Garlinghouse says regulatory uncertainty in the US will and will negatively impact the world’s largest economy.
“Look at the geopolitical advantages for the United States that Amazons and Googles are based in and based in the United States.
I think we run a serious risk that this next technological development around blockchain and crypto doesn’t happen. It has already started moving outside of the United States.
And consumers suffer as a result. Because you don’t have the same protections that US regulatory frameworks can provide.”
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