NewsletterRipple CEO: Why US Crypto Ecosystem Is Unlike EU, G20 Groups?
XRP News: Amid much turbulence in the crypto ecosystem, Ripple CEO Brad Garlinghouse said there was a need to rebuild trust in the industry after recent hiccups. Even as the crypto market experiences another setback in the form of Silvergate crisis, Garlinghouse said the FTX collapse and Terra fiasco brought in the need for rebuilding trust through both utility and transparency. While the XRP SEC lawsuit appears to be close to reach a logical conclusion with the Summary Judgement, the crypto regulatory scenario in the US is far complex than it is in most developed countries. But rebuilding trust in crypto market is the only way forward to make things easier in the US.
Also Read: Grayscale’s GBTC Discount Narrows Further As Judges Grill SEC Argument
SEC’s War On Crypto
The Ripple CEO acknowledged the recent rise in challenges for the crypto market. As with most industry experts, Garlinghouse said there was no framework to follow SEC Chair Gary Gensler’s calls of coming forward to register. He said there was no infrastructure in place for a ‘registered token’ to trade. Also, there is no clarity as to what the tokens actually are, stating that the SEC had virtually declared war on crypto. In the recent times, companies like Kraken and Paxos faced the brunt of SEC’s enforcement actions.
“If you want to regulate, then regulate. Put in the hard work to build a framework and set guidance, as so many other G20 countries are already doing.”
Taking the example of G20 group of countries and the EU group, the Ripple CEO asked what was stopping the US administration from setting rules.
Also Read: With Growing Speculation Of 50bps Rate Hike, Is A Crypto Crash Incoming?
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