The opposition against America’s crypto crackdown is mounting as more industry executives join the call to embrace digital assets. The Ripple CEO has aired his views.
Ripple CEO Brad Garlinghouse is the latest to speak out against the U.S. government’s war on crypto.
Speaking to Bloomberg on March 2, the Ripple boss said that crypto and fintech were already leaving American shores.
“I’ve said it before, and I’ll say it again – crypto moving offshore is not good for American innovation. Period, full stop.”
He said that the Securities and Exchange Commission’s case with Ripple wasn’t really about XRP. It is about the industry and how the SEC is “playing offense” and attacking the whole industry.
Ripple vs SEC Pivotal
Garlinghouse added that not everyone understood this when the case began more than two years ago. However, with its recent war on crypto, it has become clear that the agency is against the entire industry.
Furthermore, he acknowledged five recent SEC enforcement actions and stated:
“This is not a healthy way to regulate an industry.”
The Ripple executive said the U.S. was already behind countries such as Australia, the U.K., Japan, Singapore, and Switzerland. “There are a lot of countries that have taken the time and thoughtfulness to create clear rules of the road,” he added.
Ripple aficionado “XRPcryptowolf” commented:
“Honestly don’t understand how regulators don’t see that the crypto boom will be equivalent to the internet boom which in return could help our economy during these tough economic times,”
Garlinghouse compared the crypto situation to the early days of the internet, which U.S. regulators also considered banning. Creating a regulatory framework enabled the country to become the global leader for tech giants.
“We are at a severe risk of not having that happen at this next evolution of technology around blockchain and crypto. It has already started moving outside the United States.”
Gary Gensler: ‘The Law Is the Law’
Speaking to Bloomberg on March 2, SEC chair Gary Gensler attempted to explain the rationale behind the crypto crackdown.
Reiterating investor protection, Gensler said, “there is nothing incompatible with crypto and our securities laws.” He added that these were brought about to protect the investing public against fraud, schemes, and manipulation.
When asked why many leading crypto firms hadn’t registered with the agency, he simply responded, “the law is the law.”
Should crypto assets be officially classified as securities, companies would have to jump through the same hoops as banks and those offering publically listed stocks and shares.
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