In a recent development in the ongoing regulatory battle over the cryptocurrency industry, Ripple CEO Brad Garlinghouse has called upon US lawmakers to address recent statements made by SEC Chair Gary Gensler. Garlinghouse has accused Gensler of overstepping his authority by asserting that the existing securities laws are adequate for regulating the crypto market.

In a tweet, Garlinghouse criticized Gensler’s approach, stating that “when you behave like an autocrat running a $2.2B bloated agency, why would you ever want to provide clarity about what’s ‘in or out’?” He also argued that decisions about the regulatory framework for cryptocurrencies should be based on legislation rather than personal viewpoints.

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Gensler’s comments came after a House Appropriations Committee hearing in which he suggested that current securities laws were broad enough to encompass most of the activities occurring within the crypto market. He added that while Congress could act to provide further clarification, he did not believe that additional authorities were necessary.

Garlinghouse’s response is the latest salvo in the ongoing battle between Ripple and the SEC. In December 2020, the SEC filed a lawsuit against Ripple, alleging that the company’s XRP token was a security that had been sold without proper registration. The lawsuit has been closely watched by the crypto industry as it could set a precedent for the treatment of other cryptocurrencies.

The case has also sparked a broader debate about the appropriate regulatory framework for the cryptocurrency industry. While some argue that existing securities laws are sufficient, others believe that a new regulatory framework is needed to address the unique characteristics of cryptocurrencies.

In his tweet, Garlinghouse urged US lawmakers to take notice of Gensler’s comments and provide clarity on the regulatory framework for cryptocurrencies. He argued that without clear jurisdiction, ambiguity would masquerade as power, and that decisions about the regulatory framework for cryptocurrencies should be based on legislation rather than personal viewpoints.

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This article was republished from azcoinnews.com

CryptosHeadlines.com - The Leading Crypto Research Network:

After the court ruled that XRP tokens are not securities, CEO Brad Garlinghouse issued a statement.

On Thursday, a New York court made a ruling stating that the sale of XRP tokens by Ripple on exchanges and through algorithms is not considered an investment contract. However, the court also found that the institutional sale of tokens by #Ripple violates federal securities laws.

After this positive development for Ripple, the #XRP token saw a significant increase of over 27% in its value.

According to Judge Torres, the sales of XRP by Ripple through programmatic means, as well as other distributions and the sales conducted by Larsen and Garlinghouse, are not considered investment contracts.

In his Twitter message following Ripple’s victory, CEO Brad #Garlinghouse expressed gratitude to everyone who supported them in reaching the recent decision.

He mentioned that back in December 2020, they stated their belief in being on the lawful side and the right side of history. Garlinghouse also emphasized that this decision is not only beneficial for #Ripple but also supports the advancement of cryptocurrency innovation across the United States.

He concluded the message by suggesting plans for a celebratory event.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

$XRP