SEC Chair Gensler Faces Backlash from Ripple CEO Brad Garlinghouse over Crypto Securities Classification

April 1, 2023 Reeti Garg Cryptocurrency News 1

SEC Chair Gensler Faces Backlash from Ripple CEO Brad Garlinghouse over Crypto Securities Classification

In a recent interview with CNBC, Ripple CEO Brad Garlinghouse criticized SEC Chair Gary Gensler for his approach to regulating the crypto industry. Garlinghouse argued that Gensler is trying to impose a one-size-fits-all framework that treats all crypto tokens as securities, regardless of their functionality and use cases.

Garlinghouse said that this approach is inconsistent with the SEC’s guidance and harmful to innovation and consumer choice. He pointed out that Ripple’s native token, XRP, is not a security but a utility token that enables fast and cheap cross-border payments. He also claimed that Ripple has been transparent and cooperative with the SEC but has not received any clarity or guidance from the regulator.

Garlinghouse added that he hopes to resolve the ongoing lawsuit with the SEC, which accuses Ripple of selling unregistered securities in the form of XRP. He said that Ripple is willing to work with the SEC to find common ground and establish a clear regulatory framework for the crypto industry. He also expressed his confidence that Ripple will prevail in court and prove that XRP is not a security.

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Garlinghouse’s comments come amid growing tension between the SEC and the crypto industry. Gensler has recently stated that he believes most crypto tokens are securities and fall under the SEC’s jurisdiction. He has also called for more congressional authority and resources to regulate crypto space.

However, many crypto advocates and lawmakers have rebelled against Gensler’s stance, arguing that it is overreaching and stifling innovation.

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About Reeti Garg 361 Articles
Being outstanding in school and college for her academics and sports, little did she know that her passion for writing about unobserved people, stranded things and mysteries of the heart would lead her to become a professional writer later in life! An avid reader and a hardcore movie buff, her favorite past time is listening to music and writing poems. She is a published author and on her way to completing her second book ‘Under the Falling Stars’, a thriller on bisexuality. In this short span of 4 years of being a professional writer, she has been associated with many articles for renowned magazines and newspapers, blogs, short stories and poetries. Names associated with her writing skills are ‘Meri Sajni’, ‘Akinchan Bharat’, ‘Hamara Ghaziabad’, mycity4kids.com. Aspiring to be famous and known as a soulful author one day, she would love to settle someday in the silent disquietedness of London countryside, where she plans to just sip coffee and keep writing trilogies.

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