by • Ripple CEO Brad Garlinghouse has warned that the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission is coming to a close, but the fight for regulatory clarity must “continue”
• In a video posted to Twitter, Garlinghouse opined that the U.S. financial watchdog acted in “bad faith, plain and simple”
• He believes that the SEC is looking to “kill” innovation and the cryptocurrency industry in the U.S., arguing that their stance toward crypto is about enforcing action against players while professing fake open arms
Ripple Case Nears Conclusion
Ripple CEO Brad Garlinghouse recently expressed his opinion on Twitter about the U.S. Securities and Exchange Commission’s (SEC) legal battle against Ripple nearing conclusion. He voiced his belief that this is only the beginning of a larger battle for clarity in regulation for cryptocurrency as a whole; he said that although this case is coming to an end, it does not mean it should end there – rather, it should set off a larger fight for regulatory clarity which must continue on.
SEC’s Actions Discussed
Garlinghouse discussed documents unsealed by former SEC Chairman Jay Clayton as part of the lawsuit between Ripple and SEC; these documents suggest that SEC knowingly created confusion about rules regarding cryptocurrencies through enforcement actions taken against them – which Garlinghouse found to be bad faith, plain and simple. Additionally, he stated that prior to filing of lawsuits against them days before Christmas, they had answered every question asked by SEC with no indication given at any point that XRP was viewed as a security by them – accusing SEC of wanting to kill innovation in cryptocurrency with its actions while pretending like they were welcoming new players into their fold via false guidance statements made publicly.
Garlinghouse’s Opinion On The Matter
It appears clear from Garlinghouse’s remarks that he views this case as personal in nature; he feels like it warranted some personal comments from him due to its impact on his company as well as other companies within crypto space being affected due to lack of clarity from regulators worldwide when it comes to cryptocurrencies being classified as securities or otherwise. He concluded saying this struggle should be seen beyond just one token or blockchain technology but more so an example of what can happen if proper regulations are not put into place soon enough in order for innovation within crypto space to flourish without fear of negative consequences from authorities within certain jurisdictions such as US during present times
Conclusion
The year-long legal battle between Ripple Labs Incorporated and United States Securities and Exchange Commission appears close to its conclusion – however Ripple CEO Brad Garlinghouse has issued warnings emphasizing need for regulatory clarity going forward lest we witness similar cases arising out of misunderstanding between parties involved causing damage instead of benefiting either side involved directly or indirectly with such conflicts present since dawning age of cryptocurrency revolution currently underway globally at present time.
Takeaways
• The ongoing legal battle between Ripple & US SEC appears close to its conclusion • Ripple CEO Brad Garlinghouse issued warnings emphasizing need for regulatory clarity going forward • He believes US SEC wants to kill innovation & cryptocurrency industry via enforcement actions
