Brad Garlinghouse, CEO of Ripple, recently attended a three-day annual conference organized by the Aspen Security Forum. The conference should discuss the various critical national security issues.
Garlinghouse denies Gensler’s claims of regulatory clarity
A day before the CEO of Ripple spoke at the conference, SEC chairman Gary Gensler spoke about the regulatory clarity regarding digital currencies in the US at the same event. Gensler stated that the SEC is extremely clear on a number of regulatory matters pertaining to digital assets, as he mentioned that the agency has filed 75 cases in the digital assets space.
In response to Gesler’s testimony, CEO Garlinghouse claimed that the agency chief’s claim that they have clarity on the regulatory issues surrounding digital assets is like an alcoholic claiming he doesn’t have the problem. Garlinghouse stated:
“I think the crypto industry has asked for this clarity for years, and yesterday we heard it was clear[…] That’s the elephant in the room.”
Garlinghouse mentioned the contradicting testimony of the SEC commissioners when they admitted “a definite lack of clarity for market participants as to the application of securities laws to digital assets and their trading.”
Want clarity, but not enforcement
He also denied Gensler’s allegation of bringing forward 75 market-related cases, as stated, out of 75 related to 37 ICOs[initial coins offerings]many of which were fraud cases and the other 37 did not involve sales of digital assets. He claimed that only one of those 75 cases came from ICOs.
Garlinghouse mentioned the proactive and committed behavior of other G20 countries such as Japan, Singapore, Switzerland and the UK, stating that regulatory clarity is a prerequisite for the US to be a leader in the market.
Garlinghouse said that as a US company, he wants the US to thrive in the market:
“I want to work with the US government to provide clarity, to provide certainty. But trying to create that clarity through enforcement action is not the right answer in my opinion,”