Ripple’s Garlinghouse calls for clear U.S. crypto regulations, citing success in countries like the UK and Japan.
Ripple has spent over $150M and three years in legal battles with the SEC for regulatory clarity.
Garlinghouse criticizes SEC’s approach, pushing for codified rules instead of regulation through enforcement.
Ripple CEO Brad Garlinghouse recently announced on Bloomberg that XRP is not a security, with expectations for a resolution soon. This statement comes after Judge Analisa Torres’ ruling in the SEC v. Ripple case, which distinguished XRP from being classified as a security. This decision could set a precedent for the legal classification of XRP and similar cases in the future.
BREAKING:Ripple CEO Brad Garlinghouse live on Bloomberg:„#XRP IS NOT A SECURITY – WE EXPECT A RESOLUTION VERY SOON!“ pic.twitter.com/n7yTs6YSz5
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) July 17, 2024
Judge’s Ruling on XRP
Early this month, Judge Torres ruled that XRP’s programmatic sales do not meet the third point of the Howey Test, which is used to identify securities under U.S. law. This ruling signifies that XRP is not classified as a security, contrary to the SEC’s stance. This decision is a step forward for Ripple and the broader crypto industry, potentially providing a standard for future cases
At press time, XRP was trading at $0.6079, reflecting a 3.76% increase in the past 24 hours. XRP is showing volatility which is currently evident in the overall crypto market. This week has been good for the crypto market as Bitcoin, Altcoins and memecoins are all on a surge.
Interview Insights
In an interview with Bloomberg Businessweek, Garlinghouse highlighted the need for clear regulatory frameworks in the U.S., contrasting with countries like the UK, Japan, Singapore, and the European Union, which have established such frameworks. He emphasized that most people in the crypto industry are good actors seeking clear rules.
Garlinghouse also mentioned that Ripple has spent over $150 million and three years in legal battles with the SEC. He expressed frustration over the lack of regulatory clarity in the U.S., which has led to capital and entrepreneurs moving to other countries with more defined regulations.
Regulatory Challenges and Conversations
The Ripple CEO shared insights from a recent crypto roundtable in Washington, D.C., attended by key political figures and industry leaders. The event signaled a shift in the Democratic Party’s approach to crypto regulation, which Garlinghouse found encouraging.
He criticized SEC Chair Gary Gensler’s approach to regulation through enforcement, advocating instead for clear, codified rules. Garlinghouse noted bipartisan legislative momentum towards establishing such regulations, with recent developments like the FIT 21 Act passing the House.
Garlinghouse’s remarks highlights the ongoing struggle for regulatory clarity in the U.S. crypto industry. His optimism for a resolution and the precedent set by Judge Torres’ ruling could pave the way for a more defined regulatory sector for XRP and other cryptocurrencies.
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