Ripple CEO, Brad Garlinghouse, who is one of the two executives sued by the U.S. SEC, has named five countries that treat the digital token XRP as a currency, unlike the SEC that continues to claim otherwise.
During an interview on Bloomberg TV, the anchor Emily Chang asked Garlinghouse if he believes that the SEC is taking a tougher stance than the administration as a whole.
Brad Galinghouse replied, “I think there’s no question that the United States Securities and Exchange Commission has reduced the competitiveness of this critical industry in the United States. I think they’ve been out of step not just with other parts of the U.S. government, but they’ve been out of step with other major economies around the world.”
Naming the countries that see XRP as a currency, Ripple CEO said, “The only country in the world that considers XRP — the digital asset that Ripple uses in our technology stack — the only country in the world that thinks XRP could be a security is the United States. We work successfully in the UK, in Switzerland, in Japan, in the UAE, in Singapore. All of these countries have acknowledged XRP is a currency because that’s how it’s used.
“If we want the US to be a leader in this new growing critical innovative industry, like the internet 20 years ago, we need that regulatory clarity. And the SEC is really just coming out and saying ‘we are going to file lawsuits, enforcement, we’re not going to provide clear rules so that people know how to operate as other countries have done‘.”
Recall that the court recently denied the SEC a motion seeking to strike Ripple’s fair notice defense in the ongoing lawsuit where Ripple is accused of selling XRP unlawfully as an unregistered security, a position resolutely maintained by the U.S. regulator.
In the course of the interview, Chang asked Garlinghouse to explain what this victory mean to Ripple and the entire crypto industry.
Ripple CEO replied:
“Really, I think it is a victory not just for Ripple the company, but also the whole crypto industry because the SEC, I think, has consistently tried to take point, really expand their reach and their control over the crypto industry. We’ve seen that not just with Ripple, but in other cases…
“The executive order came out and really said to all agencies ‘hey, we need to be coordinated… if we want the United States to be competitive in this key technology platform, we need to not have one group behaving in one way and another group behave in another way’… So, we’re really pleased by, not just the court’s decision, but also in the executive order that came out last week.”
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