Brad Garlinghouse, Ripple’s passionate CEO, has taken shots at the U.S. Securities and Exchange Commission (SEC) and its chairman, Gary Gensler.
Garlinghouse, who has been outspoken about the frustration the SEC and Gary Gensler have caused him, his company, and the XRP community, recently tore into the SEC Chair at the World Economic Forum in Davos.
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In a scathing interview with Fox Business, Garlinghouse lambasted Gensler’s crypto “regulation through enforcement” and proposed a rather unorthodox solution, suggesting that they leverage the power of ChatGPT, the popular AI chatbot from OpenAI, to draft regulatory frameworks.
Garlinghouse’s main criticism hinges on Gensler’s alleged prioritization of litigation over clear rulemaking. Recall that he recently called Gensler a political liability and has criticized the SEC’s approach, characterized by hiring more lawyers to prosecute firms like Ripple, Coinbase, and Kraken, instead of establishing comprehensive crypto regulations.
This tactic, Garlinghouse contends, creates an uncertain environment that stifles innovation and hinders legitimate crypto businesses seeking to comply with the law.
While the U.S. remains bogged down in legal battles and regulatory limbo, other countries are actively building frameworks for responsible crypto adoption and regulation.
The European Union, for instance, recently spearheaded the world’s first comprehensive set of regulations for crypto assets, requiring licenses for firms issuing, safeguarding, or trading tokens within the 27-member bloc.
Meanwhile, Switzerland, Japan, the UAE, and the U.K. have also made significant strides in developing clear and pragmatic crypto regulatory landscapes.
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The Desire for Proper Regulation
In stark contrast, Garlinghouse paints a disheartening picture of the U.S., lamenting the lack of progress and attributing it to political agendas overshadowing policy considerations.
his frustration culminates in his seemingly tongue-in-cheek suggestion to utilize ChatGPT as a source of regulatory inspiration. In his words, “It is more than what the U.S. SEC has done.”
Garlinghouse’s statement and the behavior of crypto companies show that the crypto industry in the U.S. wants reasonable regulation. Unlike Gensler’s enforcement-heavy approach, they want well-defined rules and are willing to follow the rules if the regulator provides them.
With the upcoming Bitcoin halving and the expected 2024 bull run, regulation is more important now than it has ever been, so that investors can safely enter the crypto market, and the companies can operate without fear of being targeted by the SEC for arbitrary reasons.
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