Brad Garlinghouse, the CEO of Ripple, the US-based cross-border payment firm, has stated that the SEC is busy spending its time and energy on scrutinizing Ripple and XRP, while other pressing issues are ignored, making the United States lag behind other G20 countries in terms of crypto regulation.
While discussing how to regulate cryptocurrencies at Collision 2022, Garlinghouse said the United States regulators are busy with unnecessary things when they should find a way to enact suitable crypto regulations.
According to Ripple CEO, several G20 countries have found ways to regulate the crypto industry in order to put an end to fraudulence in the nascent industry.
In the course of the interview, Garlinghouse was asked why the U.S. is lagging behind other G20 countries in terms of crypto regulation. In response, he explained that this is happening because the SEC is employing the wrong approach in its so-called crypto regulation.
He said that the regulator has spent so much time and money to prove that Ripple broke Securities Law in its sales of XRP when many other important sectors in the industry are left carelessly unchecked.
Brad Garlinghouse noted:
“It’s a little confusing why the SEC would spend a lot of time and energy on that when we do actually have some things happening in the market that maybe do deserve more scrutiny.”
According to Garlinghouse, most crypto firms are ready for suitable regulations in the industry. He said, “I think the vast majority of people in the crypto industry want to play by the rules. Let’s just be clear about what the rules are. So the first thing I think of is let’s be super clear about what we’re trying to regulate.”
Pointing out the SEC’s inconsistent approach towards crypto regulation, the Ripple Chief said, “You have some examples where regulators are going after companies and then you look at another company doing almost the same thing and they’re not saying anything.