Ripple’s CEO Hopes To Garner Better Regulatory Clarity With New SEC Leadership

Ripple’s CEO Hopes To Garner Better Regulatory Clarity With New SEC Leadership

XRP witnessed a drastic fall over the last couple of months, all thanks to the SEC lawsuit against Ripple. The altcoin was trading for $0.58 with a 5.49% surge in the last 24-hours. The coin was labeled a security and lost its spot on an array of prominent cryptocurrency exchanges following the lawsuit. While this negated trading activity in the XRP market, Ripple continued to face the wrath of the lawsuit.

Appearing in a recent interview with Bloomberg, Brad Garlinghouse, the CEO of Ripple revealed his stance on the ongoing case and his expectations from the new team of the Securities and Exchange Commission of the United States.

Ripple CEO: US The Only Country Viewing XRP As Security

The lack of regulatory clarity in the US has been time and again pointed out by a several individuals across the globe. Ripple, however, seemed to have realized it the hard way. While platform tries to fend of all the charges against it, Garlinghouse pointed out that the lawsuit was against the entire crypto industry rather than just Ripple itself. He suggested that the US has been a laggard in delivering a clear regulatory environment. Countries like the UK, Japan, Singapore as well as Switzerland, have managed to deliver a better picture in the same, making the US the only country on the planet to label XRP as a security, he added.

Speaking about the next steps in the lawsuit, Garlinghouse said,

“I’m hopeful that as a new administration comes into the SEC, there’s an opportunity to revisit some of those conversations. And as you may know, and may recall Jay Clayton as the chair of the SEC, the day before he left office, he brought this lawsuit against Ripple and against me personally, against Chris Larson personally. And we don’t think that made a lot of sense, given that XRP had been trading in the marketplace for eight years, literally nearly a trillion dollars of XRP has traded out there.”

While Gary Gensler is on his way to become the next SEC chairman, Garlinghouse seeks an opportunity to have a conversation with a new leadership. He further suggested, “that’s constructive for ripple and really for the whole crypto industry to provide that clarity and allow people to participate in these markets and to build companies around these technologies.”

Published at Thu, 01 Apr 2021 05:23:55 +0000

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