If the US is to maintain its leading position in the space, decisive action is needed to foster further innovation.
During a fireside chat at the 2023 DC Tech Week, Ripple CEO Brad Garlinghouse offered thoughts on the legal fight between Ripple and the ascertaining powers of the US Securities and Exchange Commission (SEC). Positivity shimmered in the air, as the zealous CEO voiced his confidence in Ripple’s standings while basing his comments on the court’s acknowledgement of XRP being recognized as a commodity instead of security, and the SEC’s preventative approach of accessing Ripple’s confidential accounts. He iterated that the decision of the SEC overutilizing an endorsing demands analysis, which can mentally debilitate their odds at the Supreme Court. Having accounted for the ongoing Ripple- SEC debates, Garlinghouse summarized on additional perspicuities related to the gaining attention of Grayscale as opposed to the SEC – dumping which imparts ‘arbitrary and capricious’ initiatives Replacing his indications with suggestions, he insinuated a redraft of the SEC’s way to deal with cryptocurrency intermediaries to manifest the US’s failed effort to persevere in its stakeholdership within the global space. Brad Garlinghouse’s remarks have uncovered the eminent forks of the Ripple-SEC action via ruinous credentials – and the intensifying necessity for lawyers to take concrete action. An uncanny comparison in regards to other countries providing promising investment opportunities highlighted the US’s immense overload of defensive barriers, translating a necessity to bridge the gap and nurture additional innovation. Ripple CEO’s farmers show how the resolution of Ripple-SEC and the SEC’s bye-in to calibrate denote to the flowering lifespan of cryptocurrency emissions in the US.
