Fox Business journalist Eleanor Terrett recently shared a conversation between Ripple CEO Brad Garlinghouse and Anthony Pompliano, founder of Professional Capital Management, discussing recent developments surrounding Ripple, regulatory challenges, and Garlinghouse’s outlook for the crypto industry.
The interview followed Ripple’s recent filing of Form C for its cross-appeal against the U.S. Securities and Exchange Commission (SEC). One of Ripple’s main aims is to clarify the application of the Securities Act to crypto, specifically if an investment contract requires an explicit contract.
Pompliano raised an additional question regarding the classification of crypto tokens as investment contracts, asking how such a decision could impact platforms like Coinbase. He pointed out the potential for Coinbase and similar platforms to face heightened regulatory scrutiny if tokens are classified as investment contracts.
In his reply, Garlinghouse warned of industry consequences if the SEC’s position prevails. “If the SEC were to prevail on this point, it is a shit show for the industry. It just pushes more of it offshore,” he said, expressing concerns over unfair regulatory practices pushing operations outside U.S. borders.
In a lighter moment, Pompliano asked Garlinghouse to name something positive about the SEC. Garlinghouse paused before stating, “There’s gonna be a new SEC chair.”
Gary Gensler, the current SEC Chair, has been criticized by notable people across the political aisle, and the U.S. House Majority Whip Tom Emmer recently called him lawless. The crypto world is anticipating the new administration, as they expect whoever wins to replace Gensler and introduce proper crypto regulation.
Addressing SEC actions related to crypto products, Pompliano also pointed out the seeming inconsistency between the SEC’s adversarial stance on crypto and its approvals of Bitcoin ETFs and Coinbase’s IPO.
Garlinghouse argued that the SEC’s approval of these ETFs was far from willing, stating, “They approved the ETF kicking and screaming. They were dragged to court. They were forced to do it, and if they get credit for approving the Bitcoin ETFs, that is BS.”
When Pompliano asked Garlinghouse what he looked forward to at Ripple in the next 12-18 months, Garlinghouse responded with optimism, pointing to institutional engagement and Ripple’s evolving role in digital asset markets.
“We’re now in the custody business, we’re getting into the stablecoin business,” Garlinghouse noted, hinting at Ripple’s recent forays into crypto custody services, and the upcoming RLUSD stablecoin.
He also mentioned discussions with major banks during Ripple’s recent Swell event and added that there’s much to be excited about. Despite the SEC’s attacks, Ripple continues to progress and gradually leading the crypto world into a promising future.
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