Ripple CEO on US SEC's approach to crypto: 'One definition of insanity is doing the same thing over and over again'
November 13, 2023 13:59 GMT
During the Ripple Swell 2023 conference in Dubai (November 8-9, 2023), Ripple CEO Brad Girlinghouse engaged in a candid conversation with CNBC's Dan Murphy. He has expressed strong opinions about the US Securities and Exchange Commission (SEC) and the broader landscape of cryptocurrency regulation.
Gerlinghouse questioned the SEC's commitment to investor protection, suggesting that the agency's actions deviated from this core objective. He wondered who the SEC was actually protecting with its regulatory efforts:
“I think the SEC, in my opinion, has lost its mission to protect investors. And the question is, who are they protecting in this journey?
The discussion touched on Ripple's legal challenges, specifically the SEC's accusation that it conducted a $1.3 billion securities fraud through the December 2020 sale of Ripple XRP. Girlinghouse highlighted key victories for Ripple, including a July 2023 ruling that XRP is not inherently a security and the SEC's subsequent dropping of charges against Ripple executives for violating securities laws.
The Ripple CEO expressed optimism about the future of the industry, seeing these legal developments as beneficial not only for Ripple, but for the entire crypto sector:
"I think it's a positive step for the industry, not just for Ripple, not just for Chris and Brad, but for the entire industry, that the SEC has come under scrutiny in the United States."
He hopes to shift from litigation-driven regulations to more concrete federal laws governing digital currencies.
