Brad Garlinghouse, CEO of Ripple, again castigated the SEC for reiterating that the agency lacks a clear framework for the crypto industry.
In several follow-up tweets following his interview with Liz Calman of Fox Business, Garlinghouse specified that the agency fails to clarify crypto regulations and uses meetings with the crypto companies as lead generation for enforcement actions, as he claimed, the SEC has lost sight of its mission to protect investors.
He noted that American innovation is seriously at risk due to the ambiguity created by the agency, and instead of partnering with the crypto industry, SEC is “to use their meetings with companies as lead generation for their enforcement measures. “
Rather than working with the industry, the SEC uses its meetings with companies as lead generation for its enforcement efforts. Once the dust settles, it becomes clear that Ripple is 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 a similar opinion when he stated that there was a persistent lack of clarity regarding crypto and that the US industry could only survive if clarity was achieved.
He criticized Chairman Gensler for his comments on regulatory clarity, while at one point Gensler said “hey, there is clarity” and at another he called on Congress to legislate on clarity that these two conflicting positions could not exist.
Garlinghouse isn’t the only one concerned about the lack of clarity, but last Friday U.S. Senator Pat Toomey wrote a letter to the chairman of the SEC asking for clear guidance on crypto regulation.
In order to point out the sketchy behavior of the SEC, Garlinghouse also confronts the referrers SEC-Coinbase, as a result of which the exchange has put the introduction of its credit service on hold.
Gensler further noted that the crypto market is already regulated by the CFTC, fintech, U.S. Treasury Department and other government agencies when he said the people who say crypto is like the wild west are not entirely true.