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Ripple CEO SEC: Brad Garlinghouse, openly criticized SEC Chair Gary Gensler for his inflexible approach to cryptocurrency regulation. Garlinghouse accused Gensler of being a ‘political liability,’ citing his unwavering stance despite the SEC’s recent approval of a Bitcoin ETF.
Garlinghouse’s remarks indicate a deepening rift between the crypto industry and regulatory bodies. He asserted that Gensler’s constant classification of most cryptocurrencies as securities seems to be driven more by politics than by economic or protective concerns. “Gary Gensler’s repetitive strategy, expecting to win in court while facing numerous defeats, doesn’t seem to align with the best interest of the public or the economy’s long-term growth,” Garlinghouse added.
The Ripple CEO contrasted the United States regulatory environment with the more proactive and evolving frameworks in the European Union and other regions. He expressed apprehension about the U.S. falling behind in the race to establish comprehensive and effective crypto regulations, which could adversely affect its global competitive edge. However, Garlinghouse remained optimistic about potential legislative developments in 2024, coinciding with the election year. He suggested that the U.S. still has the opportunity to maintain its competitiveness with a shift towards more favorable crypto regulations.
Focusing on stablecoin regulation, Garlinghouse echoed Circle CEO Jeremy Allaire’s sentiments, foreseeing imminent regulatory developments in this area due to their increasing usage.
On the topic of ETFs and Ripple’s 2024 outlook, Garlinghouse highlighted the market’s reaction to the SEC’s approval of a Bitcoin ETF, which sparked a significant rise in Ethereum’s value. He suggested this as a clear indicator of the market’s readiness for more diverse ETF offerings, including those for other cryptocurrencies. While he did not confirm Ripple’s pursuit of an ETF, he emphasized the company’s expansion into new markets and services, leveraging its strong financial position for future growth and potential acquisitions.
Garlinghouse concluded with a positive perspective on the crypto market in 2024, emphasizing Ripple’s dedication to compliance and addressing real customer challenges. He also noted a shift in tech investments towards more stable and mature markets, hinting at an evolving landscape in the tech and crypto sectors.