SEC has No Clear Framework for Crypto, States CEO Ripple Brad Garlinghouse

Ripple CEO Brad Garlinghouse castigates SEC again, as he reiterates, the agency has no clear framework for crypto industry.

In multiple follow up tweets after his interview with Fox Business’s Liz Calman, Garlinghouse stated that the agency has failed to provide any clarity over crypto regulations and uses meetings with the crypto companies as lead generation for enforcement actions as he asserted, SEC has lost sight of its mission, which is to protect investors.

He noted, American innovation is at serious risk due to lack of clarity caused by the agency, and instead of working with the crypto industry, SEC is “using their meetings with companies as lead generation for their enforcement actions.”

Instead of working with the industry, the SEC is using their meetings with companies as lead generation for their enforcement actions. Once the dust settles, it’ll be clear that Ripple’s on the right side of the law, and the right side of history. 2/2

— Brad Garlinghouse (@bgarlinghouse) September 25, 2021

In his interview with Liz Calman, Garlinghouse had expressed similar sentiment as he had stated that there is a continuous lack of clarity as for crypto and the industry in the US could only survive if clarity is provided.

He criticized Chairman Gensler on his remarks regarding regulatory clarity as he said, while at one point Gensler says “hey, there is clarity” and on another he called on congress to make laws for clarity, these two contradictory stances could not exist.

Garlinghouse is not the only one concerned about the lack of clarity, rather, last Friday US Senator Pat Toomey wrote a letter to Chairman SEC seeking clear guidance on Crypto regulation.

To point out SEC’s sketchy behavior Garlinghouse also referrers SEC-Coinbase face off, as a consequence of which the exchange has put the launch of its lending service on hold.

Gensler further noted that the crypto market is already regulated through CFTC, Fintech, US treasury and other government agencies as he said the people saying that crypto is like wild wild West are not entirely true.