Brad Garlinghouse, CEO of Ripple, expressed his displeasure about the Securities and Exchange Commission’s (SEC) regulatory approaches with regard to cryptocurrencies, as he described them as impersonal “regulation by enforcement”. Garlinghouse has raised concern with the lack of clear legal jurisdiction for retail investors in this space, calling for rules set out by the law, and an emergence of new laws to protect participants of the crypto industry. Subsequently Garlinghouse criticisedt the SEC’s comments at Do Kwon’s case – a split-decision that in that XRP sales on exchanges did not fall within a security – referring to them as “absurd”.
Stuart Alderoty, Chief Legal Officer of Ripple Labs, went on to openly question the SEC disputing the nature of XRP sales, comparing this to the often failed-cause of proving to a flat-earther that the world is round – implying legal certainty; something should be considered common knowledge.
In light of the courts ruling, Gary Gensler – Chair of the SEC – commended the implications of decentralisation generated but noted the decision would be “monitored” to monitor affficancy should further legal action be necessary.
