San Francisco-based blockchain startup Ripple has been in a bitter war with the U.S. SEC over the last few months. The SEC slapping lawsuit on Ripple over the alleged sale of XRP securities has put the two at crossroads. Bashing out the U.S. regulators once again, Ripple CEO Brad Garlinghouse said that the lack of regulatory clarity on the use of cryptocurrencies in the U.S. is “Frustrating”.
Speaking to CNBC’s Squawk Box, Garlinghouse said that the U.S. is far behind other Asian countries when it comes to crypto regulations. He added:
“I give credit to markets like Singapore and even parts of Korea where there really has been a thoughtful government-led effort to define and have clear regulatory frameworks around cryptocurrencies.”
Garlinghouse didn’t miss to touch down upon his company’s legal battle with the SEC. He notes that the U.S. is the only country that considers XRP as a security. Garlinghouse noted:
“Ironically, here in the United States they have not provided that same clarity. It is the only country on the planet that has said XRP is anything other than a currency. The SEC has said… XRP is a security. And so we’re now engaged in a court discussion. So far, I feel good about how that’s been going, but it’s certainly frustrating.”
Despite the legal battle, Garlinghouse looks confident that they will overcome all the regulatory challenges. He said that Ripple will continue to leverage its XRP ledger to make cross-border payments efficient. He added that instead of shunning down innovation, the industry should focus on utility and challenges that these technologies can solve.
Ripple Gaining the Edge over the SEC
In the Ripple vs SEC lawsuit, the blockchain startup seems to be gaining a firm grip on the case. Earlier this month, Ripple registered some micro victories in the case against the U.S. regulator. Earlier, the court judge denied SEC to gain access to the personal financial spending of the Ripple executives.
Besides, the blockchain startup also proceeded on moving a motion against dismissing the lawsuit. Currently, the industry is hopefully looking at the appointment of the new SEC Chairman Gary Gensler reportedly known for a friendlier approach towards digital currencies.
In the meanwhile, XRP has been rallying strongly and surged another 11% today moving past $1.55 at press time.