- The US Securities and Exchange Commission (SEC) has been criticized by Ripple CEO Brad Garlinghouse for its approach to classifying cryptocurrencies like XRP and ETH as securities.
- Garlinghouse made his comments during a fireside chat in Las Vegas, where he discussed the future of digital assets.
- He also criticized SEC Chair Gary Gensler, calling him an “unethical human being” due to his criticisms of the cryptocurrency industry.
Ripple CEO Brad Garlinghouse criticizes the SEC’s approach to classifying cryptocurrencies and calls SEC Chair Gary Gensler “unethical”.
SEC’s Classification of Cryptocurrencies
The SEC’s classification of cryptocurrencies as securities has been a contentious issue in the crypto industry. Ripple and the SEC have been involved in a legal battle over the status of XRP, a cryptocurrency created by Ripple. There have also been reports that the SEC is considering whether Ethereum qualifies as a security. Garlinghouse has consistently argued that XRP is not a security, a stance he reiterated during his recent comments.
Garlinghouse’s Criticism of Gensler
In addition to his comments on the SEC’s classification of cryptocurrencies, Garlinghouse also criticized SEC Chair Gary Gensler. He referred to Gensler as an “unethical human being”, likely due to Gensler’s criticisms of the cryptocurrency industry. Many investors have deemed these criticisms to be unjust.
The Future of Crypto Regulation
Garlinghouse’s comments come at a time when regulators around the world are closely monitoring cryptocurrencies. The crypto industry lacks a clear regulatory framework, and efforts are being made to establish one. XRP is currently the only cryptocurrency in the US with regulatory clarity, following a federal judge’s declaration that the sale of XRP to retail investors constitutes the sale of non-securities. However, the SEC and Ripple are still in court over the sale of XRP to institutional investors.
Conclusion
While the future of crypto regulation remains uncertain, Garlinghouse’s comments highlight the ongoing tensions between the crypto industry and regulatory bodies like the SEC. As the legal battle between Ripple and the SEC continues, the outcome could have significant implications for the classification and regulation of cryptocurrencies in the future.
