Ripple’s CEO has spoken out about recent comments made by Securities and Exchange Commission (SEC) Chairman Gary Gensler regarding the regulation of the cryptocurrencies market. Garlinghouse is calling on US lawmakers to address Gensler’s statements and rely on existing law rather than personal views.
Ripple CEO not happy with comments Gary Gensler
Brad Garlinghouse, the CEO of crypto company Ripple, has urged US lawmakers to address recent statements by SEC Chairman Gary Gensler. Gensler suggested that existing securities laws could be used to regulate the cryptocurrencies market.
Garlinghouse’s comments come in response to Gensler’s view that the SEC can determine which cryptocurrencies should be considered securities and which should not, and that legislation is not necessary. After a House Appropriations Committee hearing, the SEC chief suggested that the current legislation is sufficient, and that it can simply be applied to crypto.
He added that while Congress could step in to provide more clarity, he doesn’t believe additional laws or regulations are necessary. The Ripple CEO argues that such decisions should be based on legislation and not on the personal point of view of the chairman of the party overseeing the market.
For the Chair of the SEC to assert that he dictates what is a security – and not the legislation from which his agency derives its power – is beyond comprehension. It’s time for elected officials in the US to take notice. https://t.co/kvat6ixUdS
— Brad Garlinghouse (@bgarlinghouse) March 30, 2023
In his tweet, Garlinghouse expressed his concern, stating that it is “incomprehensible” that Gary Gensler claims he determines what is a security and what is not, rather than relying on the law that he believes should govern such things. Garlinghouse accused Gensler of behaving like a dictator, citing that the lack of clear regulation, he says, allows obscurity to serve as a source of power for the SEC.
Ripple itself has been in litigation with the SEC for several years over whether or not XRP is a security. As the lawsuit continues, the debate over the proper regulation of cryptocurrencies remains unresolved.