Brad Garlinghouse, the CEO of Ripple has stated that a win for the cross-border payment firm in the ongoing lawsuit with the United States Securities and Exchange Commission (SEC), is a win for the entire crypto industry.
It can be recalled 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.
Read Also: Brad Garlinghouse: Huge Win for XRP Today, You Should Be Paying Attention to Ripple-SEC Lawsuit Now
While defending itself, Ripple pointed out that it wasn’t granted fair notice that its activity with XRP was violating securities law of the United States, which contravenes its rights to due process.
In a recent interview on Bloomberg, Ripple CEO Brad Garlinghouse stated that the recent court decision to not strike Ripple’s fair notice defense is a victory for the whole crypto ecosystem.
According to Garlinghouse, providing regulatory clarity to the crypto industry is far better than enforcement, such as what the cross-border payment firm is currently experiencing.
Ripple CEO further stated that the SEC’s so-called regulatory actions have harmed the crypto industry’s competitiveness in the United States.
Brad Garlinghouse noted:
“I think it is a victory not just for Ripple the company but also the whole crypto industry. The SEC, I think, has consistently tried to really expand its reach and its control over the crypto industry. We’ve seen that not just with Ripple but in other cases…
“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.’ They are not going to provide clear rules so that people know how to operate as other countries have done…
Read Also: Rumors Spreading That Ripple-SEC Lawsuit Has Ended In Settlement; Ripple CEO’s Comments Give Hints
“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 US government but they’ve been out of step with other major economies around the world.
“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.”
Follow us on Twitter, Facebook, Telegram, and Google News
