Ripple CEO Brad Garlinghouse warns of negative consequences for the entire crypto industry if the US Securities and Exchange Commission (SEC) prevails in the lawsuit against the payments company.
In a new Bloomberg interview, Garlinghouse says that if the SEC prevails in the lawsuit claiming XRP is a security, that result will have ramifications for the entire crypto industry.
“The SEC filing the case against Ripple wasn’t really just a case about Ripple or about XRP. It’s really about the industry and how the SEC is offensive and attacking the entire industry. When it started two and a half years ago, I’m not sure everyone fully digested that. And that is now widely understood.
This is going to be critical for the entire industry because if the SEC can prevail, I think there’s a lot of other cases and some just in the last four weeks: I think they’ve filed five additional enforcement cases.
According to Ripple’s CEO, the way the SEC is regulating the US crypto industry is “not healthy”.
“The macro headline for me is that this is not a healthy way to regulate an industry. Regulation through enforcement unlike what we see in other countries where they do the work – they codify, they create a framework that allows an industry to grow while protecting consumers.”
Garlinghouse says regulatory uncertainty in the US will negatively impact the world’s largest economy.
“Look at the benefits to the United States on a geopolitical basis of having the Amazons and Googles established and established in the United States.
We are, I think, at great risk of that not happening in this next evolution of technology around blockchain and crypto. It has already started moving outside the United States.
And consumers suffer as well. Because you don’t have the same protections that the US regulatory frameworks can provide.”
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